( Source ) The U.S. state of New Jersey has issued a cease-and-desist order to an initial coin offering (ICO) endorsed by film actor Steven Seagal.

In an order entered on March 7, the New Jersey Bureau of Securities alleged that Bitcoiin is selling unregistered securities to New Jersey residents. The document highlights the lack of concrete information about those behind the project, stating that “Bitcoiin’s developers, officers, managers, employees, controllers, and/or directors are anonymous,” though it highlights the endorsement by Seagal.

“Bitcoiin has never been registered to sell securities in the State of New Jersey,” officials wrote.

The project made headlines last month after Seagal, best known for his action film roles in the 1990s, publicly endorsed the cryptocurrency offering through his official Twitter account – a notable development given the string of endorsements seen last year and the subsequent warning by the U.S. Securities and Exchange Commission (SEC) regarding celebrity involvement in token sales.

The Bitcoiin ICO had sparked accusations that it was a pyramid scheme seeking to mislead investors through the close name association with bitcoin – allegations that Bitcoiin later rebuked in a public statement.

Notably, New Jersey’s cease-and-desist order highlight’s Seagal’s role as a brand ambassador, noting a disclaimer on its website that states the actor holds no ownership stake in the project. That said, officials drew issue with the lack of information regarding the compensation he may have received.

“The Bitcoiin Websites do not disclose what expertise, if any, Steven Seagal has to ensure that the Bitcoiin investments are appropriate and in compliance with federal and state securities laws,” the order explains. “Additionally, there are no disclosures as to the nature, scope, and amount of compensation paid by Bitcoiin in exchange for Steven Seagal’s promotion of the Bitcoiin investments.”

Alright. As one of the main Advocates for BitCoiin2Gen I think it’s my duty to address these allegations. First and foremost I would like to say that this is all a prank, unless it somehow makes me a ton of money even though I would never actually invest my money into it in a million years, then I was never joking at all. Now that the legal disclaimer is out of the way let’s go through what the state of New Jersey is alleging.

1. “Bitcoiin’s developers, officers, managers, employees, controllers, and/or directors are anonymous,” though it highlights the endorsement by Seagal.

How fucking lazy is the State of New Jersey? Anonymous? No one knows who works there? Hey assholes, I just went on BitCoiin2Gen and it took me literally 15 seconds to find out Tammy works there.

Not only does she work there but she’s kind of hot. Look at that headshot. That’s totally a real person and a very attractive one at that.

Claim Number 1 Ruling – Erroneous, Steven Seagal and Tammy work at BitCoiin2Gen

2. The Bitcoiin ICO had sparked accusations that it was a pyramid scheme

A pyramid scheme? Where the fuck did they get that idea? You talking about this slide in the official BitCoiin2Gen investment PDF?

Yeah that’s an Isosceles triangle. Did anyone in the SEC learn basic Geometry? This is sad.

Claim Number 2 Ruling – Inadmissible in court, that’s an Isosceles triangle, bro

3. seeking to mislead investors through the close name association with bitcoin – allegations that Bitcoiin later rebuked in a public statement.

First of all this has been rebuked. Second I will also add a disavow for good measure. Third it’s clearly Bitcoiin with 2 i’s. Next you’ll tell me people get tricked by fake twitter handles like @AdarnSchefter. You’ll also tell me the moon is made of cheese and the world is flat while we’re saying things that could never be real. Give me a fucking break.

Claim Number 3 Ruling – Rebuked, officially.

4. The Bitcoiin Websites do not disclose what expertise, if any, Steven Seagal has to ensure that the Bitcoiin investments are appropriate and in compliance with federal and state securities laws,” the order explains.

Expertise? How about this.

Or this?

Biggest Global Exchanges, ever heard of it? Exactly

Claim Number 4 Ruling – False, based on Steven Seagal Gifs I’ve found online.

Closing Arguments. I think I’ve proven my point sufficiently but if you’d like more I just saw Nate and he said the SEC can’t regulate cryptocurrency and he owns at least 1 BitCoin. So there you have it. Let me know when you have a real case, losers. In the meantime, we’ll be busy making Bank. BiitCat2Gen Out.