The Texas State Securities Board (TSSB) started the investigation into whether FTX violated securities laws with its offerings of the yield-generating EARN product. The FTX founder Sam Bankman-Fried is being summoned by the Texas Securities Regulator to appear during an administrative hearing on February, 2023.
The TSSB accuses Bankman-Fried of violating the Securities Act by selling securities in Texas that are not registered for sale and for failing to register as a security dealer or agent.
Violations of The Securities Act
The hearing notice mentioned that “The EARN accounts are investment contracts, evidence of indebtedness, and notes and are therefore regulated as securities as that term is defined by Section 4001.068 of the Securities Act. SBF violated Section 4003.001 of the Securities Act by offering and selling securities in Texas that were not registered or permitted for sale in Texas.
In addition, the notice stated that “After filing the Objection and Declaration, the En
We współpracy z: https://www.thecoinrepublic.com/2022/12/01/an-official-notice-that-request-sbfs-testimony/
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