The regulators want to know if FTX's savings account-like yield accounts amount to unregistered securities products.
“I am aware that FTX Trading…may be offering unregistered securities in the form of yield-bearing accounts to residents of the United States,” TSSB enforcement director Joseph Jason Rotunda wrote in the filing. Rotunda said those products appear similar to “yield-bearing depository accounts,” previously offered by Voyager.
The issue here is that Texas reportedly requires firms that offer these types of financial services to register with local regulators. In this case, that’s the Texas State Securities Board. It’s worth noting that The Lone Star State, dozens of others and the Securities and Exchange Commission have all launched investigations into Voyager’s similar interest paying services.Rotunda claims he was able to create an FTX account with his personal information and an Austin, Texas address which he then used to purchase some Ethereum. When he moved his Ethereum to an FTX Wallet via the FTX Trading App, the regulator claims the app told him he was eligible to earn yields on his deposit.
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