The filings submitted to the Bankruptcy Court read: “FTX US should not be permitted to purchase the assets of the debtor unless or until the Securities Commissioner has an opportunity to determine whether FTX US is complying with the law.”
The Texas State Securities Board will launch probes into crypto exchange FTX and its founder, Sam Bankman-Fried, over violation of the Securities Law.
Recent court filings stated that the exchange provides yield-bearing accounts to users. They alleged that these accounts violate the Securities Law as they are “unlicensed securities” that were sold without FTX being registered as a dealer.
The Texas authorities also accused FTX of providing misleading offers to its clients. As a result, the authorities suggested that FTX should not be permitted to buy Voyager's assets.
In response, a spokesperson for FTX claimed the exchange is in talks with the officials. They added,
“We have an active application for a license which has been pending, and believe we are operating fully within the bounds of what we can do in the interim.”
A few days ago, Sam Bankman-Fried voiced his intention to aid authorities in regulating the crypto ecosystem. He noted,
“We are totally on board with regulation. It has to happen. It's healthy. It's the right thing to do. And we'd love to be helpful any way we can.”
