Texas Reveals 32 Crypto Promoters Operating Outside of the Law

Texas-Reveals-32-Crypto-Promoters-Operating-Outside-of-the-law

The Texas State securities board (TSSB) announced their findings after a four-week investigation into suspects offering securities which were allegedly tied to cryptocurrency as reported in a press release on April 10.

The Texas State division opened 32 investigations into promoters of various crypto investments on December 18 of 2017. None of the promoters were registered to sell securities in Texas therefore operating outside of the law.

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Texas law enforcement contends that “revolution in digital money is creating an environment ripe with illegal and fraudulent security offerings”. These new technologies are taking advantage of investor enthusiasm during the abundant signs of cryptocurrency mania.

The report highlights certain areas of concern where promoters are proclaiming unrealistic profitability and downplaying investment risks.

The report includes five case studies from companies such as: Davorcoin, LeadInvest, USI-Tech Ltd, R2B Coin, and the most notorious Bitconnect. These companies were issued emergency cease and desist orders by TSSB between December 2017- February 2018.

Bitconnect lost 98% of its market cap after the TSSB action was taken. The four other companies faced similar instances where investors subsequently pulled out all their investment capital.

Cryptocurrency and digital tokens are defined differently by regulatory commissions in the US. Businesses seek more clarity from regulators as to whether cryptocurrency is to be defined as a security or not. A host of crypto assets and contracts are classified as securities within other international governments, however the line is still blurred by US agencies.

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