Texas regulators have their eyes on one of the most powerful players in the crypto world CNN Business Bitcoin HEAD TOPICS

Texas regulators have their eyes on one of the most powerful players in the crypto world CNN Business

10/21/2022 8:45:00 PM

The big news in crypto this week came via a court filing in Texas

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Texas regulators have their eyes on one of the most powerful players in the crypto world The big news in crypto this week came via a court filing in Texas . This story is part of CNN Business’ Nightcap newsletter.Email Texas governor debate did little to change people's minds, recent poll shows The poll released by the Marist Institute for Public Opinion showed Republican Gov., our daily newsletter that keeps readers up to speed on the most essential Texas news., the twins were seen knocking on a door at 5:30 a. To get it in your inbox, sign up for free, here. FTX, the crypto giant that is led by arguably the most powerful person in the industry, is under investigation by Texas regulators for selling unregistered securities. But the poll’s margin of error is large at about 5%, which statistically allows for a two-point O'Rourke win or an 18-point Abbott blowout. “The Enforcement Division is now investigating FTX Trading, FTX US, and their principals, including Sam Bankman-Fried,” said Joseph Jason Rotunda, director of enforcement for the Texas State Securities Board. The 11,300-student school in the East Texas Piney Woods has four suitors: The Texas A&M University System, The Texas State University System, The Texas Tech University System and the University of Texas System, all vying for a chance to have the university join their ranks. FTX is not alone here. Greg Abbott is extending his lead over Democrat challenger Beto O'Rourke, according to a newly released University of Texas - Texas Politics Project poll . Just this month we’ve seen Reuters report that Binance is under scrutiny by Federal prosecutors. A neighbor let them in after the kids told the woman they had walked through the neighborhood for about 30 minutes pleading for help. Bloomberg had the scoop that the SEC is investigating Yuga Labs, the company behind the Bored Apes Yacht Club, and as well as Three Arrows Capital for a “range of possible legal violations. Abbott with an 11-point lead, 54% to 43%, over O'Rourke among likely voters in the 2022 election. And this week, another round of meetings with each system was held in Dallas.” Crypto critics have long criticized regulators for allowing the industry to grow unfettered. But with the spate of high-profile investigations we’re now seeing, it appears that a genuine shift may be at hand. 7-17. John Reed Stark, a crypto critic who formerly headed the SEC Office of Internet Enforcement, told me that the FTX investigation is “an extraordinary harbinger of the crypto-regulatory enforcement onslaught that lies ahead. Earlier this month, the four systems answered a long list of inquiries — a sort of higher education compatibility questionnaire, if you will — submitted by faculty, staff, alumni and students.” “You don’t mess with Texas,” said Stark who thinks state regulators throughout the country have been ahead of the curve on cracking down on crypto. The UT-Texas Politics Project did that showed Abbott with a 5-point lead. The twins told investigators they had been prohibited from using the toilet, were forced to drink urine and lived in a laundry room covered in feces. But Stark — who has been highly critical of regulators in the past — says the tide is now turning. “If the crypto ecosystem is not preparing for a US regulatory onslaught then they have got their heads in the sand. Biden not doing enough about the border Texas Lieutenant Governor Race Poll The UT-Texas Politics poll also shows Republican Lt. “We’re trying to develop sort of a more across-the-board, apples-to-apples comparison in certain areas … so we know the real meaning behind some of the verbiage. FDIC, OCC, SEC, DOL, FBI, US Treasury and IRS have all stepped up their crypto enforcement efforts. And they are just getting started. Patrick leads Collier by 15-points, 51% to 36%, in their rematch, according to the poll.” Leading crypto skeptic Nouriel Roubini once wrote in 2019 that regulators were “asleep at the wheel” when it came to crypto, so I wanted to see if he still believes that to be true. Similar to other universities within a system in Texas, the systems also said SFA would retain control of decision-making about hiring, curriculum and academic programs. He sounded less optimistic than Stark.  Texas Attorney General Race Poll In the Texas Attorney General race incumbent Ken Paxton leads over Democrat Rochelle Garza, according to the UT-Texas Politics Poll. “In spite of recent investigations, regulators are still way behind the curve,” Roubini told me. “It is the law of the jungle in crypto. Libertarian candidate Mark Ash saw support from 4% of those surveyed. The Texas Tech University System hyped its commitment to rural universities and its recent experience bringing Midwestern State University under its fold.” Inside the industry, there are grumbles that the government has chosen to regulate crypto through enforcement and not rule making, a.k. 24 and runs through Nov. a passing a bill. The Texas A&M University System envisioned a new state-of-the-art building for SFA’s forestry program and floated SFA as a potential branch location for some of the system’s agencies, like the Texas Division of Emergency Management. “We want rules,” one industry lawyer vented to me. Election Day is Tuesday, Nov. His beef is that the SEC is enforcing the same type of cases over and over again, while not clarifying the bigger questions. “All we get from the SEC is another five cases where they are saying that you shouldn’t have issued this as a security in 2016, or they come out and bust Kim Kardashian and make it a big deal as if they didn’t already bust Floyd Mayweather and Steven Segal for the same thing. Trending.5 million to boost faculty salaries, as well as its system STARS program that provides start-up funding for research equipment, labs and other capital costs.”` Meanwhile in D. C., crypto money is flowing freely competing bills snake their way through the legislative process. The faculty report includes feedback from professors, department chairs and deans. Molly Ball broke down the latest on DC’s crypto bonanza in an extensive Time Magazine feature. Through the Ooki Glass One case that hasn’t received much coverage outside of the crypto press but is all the buzz in the industry is the CFTC’s Ooki lawsuit. Ooki, a decentralized autonomous organization, was fined by the CFTC in September for $250,000 in the first ever case against a DAO. An ad in the local newspaper, The Daily Sentinel, says “Join a system? Bad for you. The suit claims that anyone who owns an Ooki token can be held liable for the actions of the larger group’s. This is a completely new legal theory, one that is controversial even within the CFTC. But the high levels of interest in the case isn’t really about Ooki, a minor player, but rather who is doing the enforcing. “Multiple system offers promise to commit $1 million per year toward growing enrollment with an eventual goal of 15,000 students,” the website reads. In the absence of specific federal legislation requiring crypto oversight, has been split up between the SEC and CFTC in what has become DC’s multi-year crypto turf war. The CFTC has long been viewed by the crypto industry as the more favorable of the US enforcement agencies, with Sam Bankman-Fried advocating oversight by the commission as a central plank of his crypto-friendly regulation push. The crypto lawyer I spoke with told me that those who prefer the CFTC over the SEC fall into two camps. Between 2019 and 2021, enrollment at the university declined by 7. The first - let’s call them The Cynics - believe that the CFTC is the more underfunded and understaffed agency…while the second camp - The Wonks - believe that cryptos more closely fit into existing commodities law. So now that the CFTC is going hard on Ooki, The Cynics have had a rude awakening…perhaps the CFTC isn’t the pushover they’d hoped for. Yes, the CFTC is doing all that to the Ooki. The survey was taken during a tumultuous period at SFA. NUMBER OF THE DAY 15 million President Biden announced the sale of an additional 15 million barrels of oil from the Strategic Petroleum Reserve. That’s the last of the 180 million barrels Biden announced in March that the government would sell to stabilize the then-soaring gas prices. The move comes on the heels of OPEC+ cutting production — a move that left Western officials furious. Some say uncertainty and distrust in the board persist. One administration official told CNN that the White House plan is to fill the reserve back up when the market makes it most advantageous. SAYLORIN’ ON Michael Saylor, founder of Microstrategy and dark priest of the church of crypto, emerged in 2020 as perhaps the most ubiquitous bitcoin booster on TV. From Fox News (“Bitcoin is the most certain thing in the world,” Saylor told Tucker Carlson in March) to CNBC to Bloomberg, Saylor was always available to pump up bitcoin through its dizzying climb and fall. Westbrook told faculty the board will subsequently call a special meeting specifically to discuss its decision, which could include staying independent. I interviewed Saylor last year for CNN’s crypto interactive (“The Bitcoin Billionaire” is what we dubbed him). However, in August word came out that Saylor was named in a suit by the D.C. 12 board meeting. attorney general for evading $25 million in taxes. He quickly stepped down as CEO of Microstrategy, and since then Saylor’s media tour has come to a halt. While his Twitter feed remains active with his same brand of bitcoin boosting, Saylor hasn’t done a TV hit since the news broke according to the Internet Archive’s Television News Archive. Find a complete . I emailed Saylor to ask if his TV silence has been a personal choice or if the network bookers’ invitations have dried up. Apparently his reticence extends beyond the broadcast world. We didn’t hear back. As a nonprofit newsroom, we rely on members to help keep our stories free and our events open to the public. And with that I’ll leave you with Bad Brains’ classic Sailin’ On (Which is of course not to be confused with Toots and Maytals’ also brilliant Sailing On. ) . Read more:
CNN » Gov. Abbott extending his lead over Beto O'Rourke as election day approaches, poll shows How four Texas university systems are pitching themselves as the best new home for Stephen F. Austin State University Texas twins walked door-to-door barefoot, carrying handcuffs until someone helped them Texas Conservatives Ramp Up Migration Row as El Paso Mayor Denies White House Pressure

Potato and Broccoli Soup Recipe

In this soup, broccoli stems cook with the potatoes and are pureed to form a creamy base, while broccoli florets add texture to the finished dish. Read more >> Gov. Abbott extending his lead over Beto O'Rourke as election day approaches, poll shows Texas Gov. Greg Abbott is extending his lead over Democrat challenger Beto O'Rourke, according to a newly released University of Texas - Texas Politics Project poll. Poor, Beta. Hopefully 3rd time is the charm and Beto will realize he is not wanted in Texas. Maybe he should go try California or New York Shocked it’s that close. How four Texas university systems are pitching themselves as the best new home for Stephen F. Austin State UniversityThe SFA Board of Regents is expected to decide whether to join a system before the end of the semester. The Texas A&M, Texas State, Texas Tech and University of Texas systems have all expressed interest in adding the Nacogdoches school to their folds. Texas twins walked door-to-door barefoot, carrying handcuffs until someone helped themAfter escaping their caretakers, Texas twins walked door-to-door barefoot, carrying handcuffs until someone helped them Texas Conservatives Ramp Up Migration Row as El Paso Mayor Denies White House PressureThe headline was startling. On Tuesday, the New York Post ran a front-page print story titled “Tex Mess,” claiming that President Joe Biden’s administration had strong-armed El Paso officials into not declaring a “state of emergency” over migrant arrivals. The story, which cited an anonymous official, quickly spread among Texas ... Many Central Texas counties fully staffed for election despite rise in threats against workersA rise in threats to poll workers following the 2020 presidential election has many fearing a shortage of people to help out this year. But in Central Texas , many counties were on track to meet their hiring goals by the start of early voting. Hispanics in Texas support Gov. Greg Abbott’s migrant busing program Texas Gov. Greg Abbott's campaign to bus illegal immigrants deeper into the country remains popular among his state's voters -- and that includes Hispanic voters. This story is part of CNN Business’ Nightcap newsletter.Email Texas governor debate did little to change people's minds, recent poll shows The poll released by the Marist Institute for Public Opinion showed Republican Gov., our daily newsletter that keeps readers up to speed on the most essential Texas news., the twins were seen knocking on a door at 5:30 a. To get it in your inbox, sign up for free, here. FTX, the crypto giant that is led by arguably the most powerful person in the industry, is under investigation by Texas regulators for selling unregistered securities. But the poll’s margin of error is large at about 5%, which statistically allows for a two-point O'Rourke win or an 18-point Abbott blowout. “The Enforcement Division is now investigating FTX Trading, FTX US, and their principals, including Sam Bankman-Fried,” said Joseph Jason Rotunda, director of enforcement for the Texas State Securities Board. The 11,300-student school in the East Texas Piney Woods has four suitors: The Texas A&M University System, The Texas State University System, The Texas Tech University System and the University of Texas System, all vying for a chance to have the university join their ranks. FTX is not alone here. Greg Abbott is extending his lead over Democrat challenger Beto O'Rourke, according to a newly released University of Texas - Texas Politics Project poll . Just this month we’ve seen Reuters report that Binance is under scrutiny by Federal prosecutors. A neighbor let them in after the kids told the woman they had walked through the neighborhood for about 30 minutes pleading for help. Bloomberg had the scoop that the SEC is investigating Yuga Labs, the company behind the Bored Apes Yacht Club, and as well as Three Arrows Capital for a “range of possible legal violations. Abbott with an 11-point lead, 54% to 43%, over O'Rourke among likely voters in the 2022 election. And this week, another round of meetings with each system was held in Dallas.” Crypto critics have long criticized regulators for allowing the industry to grow unfettered. But with the spate of high-profile investigations we’re now seeing, it appears that a genuine shift may be at hand. 7-17. John Reed Stark, a crypto critic who formerly headed the SEC Office of Internet Enforcement, told me that the FTX investigation is “an extraordinary harbinger of the crypto-regulatory enforcement onslaught that lies ahead. Earlier this month, the four systems answered a long list of inquiries — a sort of higher education compatibility questionnaire, if you will — submitted by faculty, staff, alumni and students.” “You don’t mess with Texas,” said Stark who thinks state regulators throughout the country have been ahead of the curve on cracking down on crypto. The UT-Texas Politics Project did that showed Abbott with a 5-point lead. The twins told investigators they had been prohibited from using the toilet, were forced to drink urine and lived in a laundry room covered in feces. But Stark — who has been highly critical of regulators in the past — says the tide is now turning. “If the crypto ecosystem is not preparing for a US regulatory onslaught then they have got their heads in the sand. Biden not doing enough about the border Texas Lieutenant Governor Race Poll The UT-Texas Politics poll also shows Republican Lt. “We’re trying to develop sort of a more across-the-board, apples-to-apples comparison in certain areas … so we know the real meaning behind some of the verbiage. FDIC, OCC, SEC, DOL, FBI, US Treasury and IRS have all stepped up their crypto enforcement efforts. And they are just getting started. Patrick leads Collier by 15-points, 51% to 36%, in their rematch, according to the poll.” Leading crypto skeptic Nouriel Roubini once wrote in 2019 that regulators were “asleep at the wheel” when it came to crypto, so I wanted to see if he still believes that to be true. Similar to other universities within a system in Texas, the systems also said SFA would retain control of decision-making about hiring, curriculum and academic programs. He sounded less optimistic than Stark.  Texas Attorney General Race Poll In the Texas Attorney General race incumbent Ken Paxton leads over Democrat Rochelle Garza, according to the UT-Texas Politics Poll. “In spite of recent investigations, regulators are still way behind the curve,” Roubini told me. “It is the law of the jungle in crypto. Libertarian candidate Mark Ash saw support from 4% of those surveyed. The Texas Tech University System hyped its commitment to rural universities and its recent experience bringing Midwestern State University under its fold.” Inside the industry, there are grumbles that the government has chosen to regulate crypto through enforcement and not rule making, a.k. 24 and runs through Nov. a passing a bill. The Texas A&M University System envisioned a new state-of-the-art building for SFA’s forestry program and floated SFA as a potential branch location for some of the system’s agencies, like the Texas Division of Emergency Management. “We want rules,” one industry lawyer vented to me. Election Day is Tuesday, Nov. His beef is that the SEC is enforcing the same type of cases over and over again, while not clarifying the bigger questions. “All we get from the SEC is another five cases where they are saying that you shouldn’t have issued this as a security in 2016, or they come out and bust Kim Kardashian and make it a big deal as if they didn’t already bust Floyd Mayweather and Steven Segal for the same thing. Trending.5 million to boost faculty salaries, as well as its system STARS program that provides start-up funding for research equipment, labs and other capital costs.”` Meanwhile in D. C., crypto money is flowing freely competing bills snake their way through the legislative process. The faculty report includes feedback from professors, department chairs and deans. Molly Ball broke down the latest on DC’s crypto bonanza in an extensive Time Magazine feature. Through the Ooki Glass One case that hasn’t received much coverage outside of the crypto press but is all the buzz in the industry is the CFTC’s Ooki lawsuit. Ooki, a decentralized autonomous organization, was fined by the CFTC in September for $250,000 in the first ever case against a DAO. An ad in the local newspaper, The Daily Sentinel, says “Join a system? Bad for you. The suit claims that anyone who owns an Ooki token can be held liable for the actions of the larger group’s. This is a completely new legal theory, one that is controversial even within the CFTC. But the high levels of interest in the case isn’t really about Ooki, a minor player, but rather who is doing the enforcing. “Multiple system offers promise to commit $1 million per year toward growing enrollment with an eventual goal of 15,000 students,” the website reads. In the absence of specific federal legislation requiring crypto oversight, has been split up between the SEC and CFTC in what has become DC’s multi-year crypto turf war. The CFTC has long been viewed by the crypto industry as the more favorable of the US enforcement agencies, with Sam Bankman-Fried advocating oversight by the commission as a central plank of his crypto-friendly regulation push. The crypto lawyer I spoke with told me that those who prefer the CFTC over the SEC fall into two camps. Between 2019 and 2021, enrollment at the university declined by 7. The first - let’s call them The Cynics - believe that the CFTC is the more underfunded and understaffed agency…while the second camp - The Wonks - believe that cryptos more closely fit into existing commodities law. So now that the CFTC is going hard on Ooki, The Cynics have had a rude awakening…perhaps the CFTC isn’t the pushover they’d hoped for. Yes, the CFTC is doing all that to the Ooki. The survey was taken during a tumultuous period at SFA. NUMBER OF THE DAY 15 million President Biden announced the sale of an additional 15 million barrels of oil from the Strategic Petroleum Reserve. That’s the last of the 180 million barrels Biden announced in March that the government would sell to stabilize the then-soaring gas prices. The move comes on the heels of OPEC+ cutting production — a move that left Western officials furious. Some say uncertainty and distrust in the board persist. One administration official told CNN that the White House plan is to fill the reserve back up when the market makes it most advantageous. SAYLORIN’ ON Michael Saylor, founder of Microstrategy and dark priest of the church of crypto, emerged in 2020 as perhaps the most ubiquitous bitcoin booster on TV. From Fox News (“Bitcoin is the most certain thing in the world,” Saylor told Tucker Carlson in March) to CNBC to Bloomberg, Saylor was always available to pump up bitcoin through its dizzying climb and fall. Westbrook told faculty the board will subsequently call a special meeting specifically to discuss its decision, which could include staying independent. I interviewed Saylor last year for CNN’s crypto interactive (“The Bitcoin Billionaire” is what we dubbed him). However, in August word came out that Saylor was named in a suit by the D.C. 12 board meeting. attorney general for evading $25 million in taxes. He quickly stepped down as CEO of Microstrategy, and since then Saylor’s media tour has come to a halt. While his Twitter feed remains active with his same brand of bitcoin boosting, Saylor hasn’t done a TV hit since the news broke according to the Internet Archive’s Television News Archive. Find a complete . I emailed Saylor to ask if his TV silence has been a personal choice or if the network bookers’ invitations have dried up. Apparently his reticence extends beyond the broadcast world. We didn’t hear back. As a nonprofit newsroom, we rely on members to help keep our stories free and our events open to the public. And with that I’ll leave you with Bad Brains’ classic Sailin’ On (Which is of course not to be confused with Toots and Maytals’ also brilliant Sailing On. ) .