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Texas Securities Regulators and Attorney General Disagree with FTX’s Purchase of Voyager Digital – Regulation Bitcoin News

Texas regulators and state attorney general oppose FTX’s acquisition of Voyager Digital. State Securities Commissioners must “determine whether FTX US is in compliance with the law.”

Texas Securities Commission, Banking Division and Attorney General Complain to Voyager Digital over FTX Purchase

The Texas Securities Commission (SSB), the Texas Banking Authority, and the Texas Attorney General are contesting FTX’s solicitation of Voyager Digital, according to bankruptcy court documents filed Oct. 14, 2022. . FTX, the exchange headed by crypto billionaire Sam Bankman-Fried, has bid to acquire Voyager Digital and its assets for $1.4 billion.

The news follows Bankman-Fried’s pre-purchase statement in which he said he was willing to commit billions of dollars toward the acquisition. Before attempting to acquire Voyager, Bankman-Fried and his FTX further announced at the end of July that it was “willing to do whatever it can to provide liquidity to Voyager’s customers.”

But Texas regulators and state attorneys general want to stop the takeover because they believe regulators, and Texas securities commissioners should investigate FTX. Although FTX is FinCEN’s money services business, the Texas SSB stated that FTX “is not, however, registered with the Texas Banking Authority as a money transfer provider or in any other capacity and is registered in Texas as a securities dealer. No,” he claims. Securities Commission.

FTX acquired Voyager Digital at auction, but Texas SSB executive director Joseph Jason Rotunda explained that FTX may have violated securities laws stemming from the Texas Securities Act. . Rotunda downloaded the FTX mobile application and told the company that he is a Texas resident, but the FTX application shows that Rotunda “is making a profit. [ethereum]” and “Yields are valued at APR 8%.”

“Ongoing investigation by the executive branch of the Texas Securities Commission, [shows] The Yield Program is an investment contract, evidence of debt and notes, and appears to be regulated as a security in Texas as provided in Section 4001.068 of the Texas Securities Act,” Rotunda’s filing explains. doing. “FTX Trading and FTX US, which have always been critical elements in the opening of this FTX account, are not registered to offer or sell securities in Texas,” added the Texas SSB Director.

Therefore, FTX Trading and FTX US may be in violation of Section 4004.051 of the Texas Securities Act.

Bankman-Fried did not comment on Twitter on the recent lawsuit filed by Texas regulators and the state attorney general. Additionally, the FTX CEO has been very vocal about his and his company’s recent support for regulation. I explained that I consider it “important”. Bankman-Fried said on Monday that he is looking forward to FTX being regulated in Dubai.

“FTX is thrilled to be regulated in Dubai by VARA! We look forward to working with the regulators who have led the realization of murmured.

Tags for this story

Attorney General, Crypto, Cryptocurrency, Dubai, ftx, FTX Exchange, FTX Investigation, Joseph Jason Rotunda, Regulation, Regulator, Sam Bankman-Fried, SSB Director, Texas, Texas Regulation, Texas Securities Law, Texas SSB, Texas Securities Commissioner Association, U.S. Regulations, Voyager Digital

What are your thoughts on Texas regulators opposing FTX’s acquisition of Voyager Digital? Let us know your thoughts on the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.




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Texas Securities Regulators and Attorney General Disagree with FTX’s Purchase of Voyager Digital – Regulation Bitcoin News

Source link Texas Securities Regulators and Attorney General Disagree with FTX’s Purchase of Voyager Digital – Regulation Bitcoin News

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