GAW Miners, the Connecticut, USA based bitcoin hardware manufacturing company has a lot of legal issues piling up since it shut down its operations early this year. The company pulled down the shutters to its operations in April after it vacated GAW Miners’ Bloomfield headquarters and shut down its main website and associated Paybase platform.
GAW Miners has been facing accusations from angry customers who had invested in it. The company has been defunct since April 2015 for all practical purposes However, it has not filed for bankruptcy in any relevant jurisdiction yet. The lack of proper regulations and oversight has currently left its former disgruntled customers powerless. Meanwhile, the company is attracting a lot of legal notices from customers on a regular basis.
Burnt by the GAW Miners incident, lawmakers in Connecticut are mulling to introduce new cryptocurrency regulations in its jurisdiction. A new law has already been passed in the region which paves way for licensing and regulation of bitcoin and other digital currency companies. The lack of clarity in legal status and application of certain legislations on these defaulting startups has even got SEC looking into the possibility of GAW Miners violating any established federal securities laws during