The state board contended Bankman-Fried offered unregistered securities through FTX’s yield-bearing cryptocurrency accounts and that he owed refunds to Texas...
didn’t return messages seeking comment on the ruling, and it isn’t clear whether he will refile.
Because of the twin federal cases, state securities regulators have largely delayed their own investigations of FTX, even though some states have taken a leading role in crypto enforcement over federal authorities in recent years. California’s Department of Financial Protection and Innovation, for example, initiated a probe in November but has yet to take any public enforcement actions.
State securities regulators often coordinate their efforts in enforcement cases, letting one state or another take the lead, mostly to economize. Rotunda told the judge Bankman-Fried “subjected himself to the jurisdiction of Texas’ courts when he decided his business enterprise would offer and sell securities to Texas residents.”He added that he himself was one of those residents - a purchase he made as part of his investigation.in the bankruptcy of Voyager Digital Holdings
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