Texas Regulator Orders Bitconnect to Cease and Desist Marketing ‘Securities’

What the hell. Hopefully other states do not follow. 

It's a sad, sad day for Texans who like Bitconnect!

See how government does it's best to shut down every way anyone finds to make money? I'm sure it's only a matter of time. I have also read some news that direct trading of crypto currency for USD between individual people is actionable against the trading person and some have ended up in Prison because they didn't hold a broker license. 

It makes no sense, You'd think having richer people in your state would boost the economy. But they don't even offer a solution, just make it harder and harder for people to conduct crypto business. If it were me I'd be moving out the state. But lets hoe that doesn't happen. 

The news says that the order will not affect biconnect becuase it is based in England, but unfortunately the poor souls that live in Texas will be affect in that they will no longer be able to lend. The will however be able to continue to withdraw there holdings. So they lose nothing except the chance to make money. 

The best thing to do right now it reinvest in bitconnect like crazy so your holdings are as great as they can be. 

Bitconnect responded immediately with a pop up when you sign in that allows you designate your state. 

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"As the release clearly states, Bitconnect is based in England and this order does not affect the company directly. However, the regulator does have the authority to ban Bitconnect from dealing with Texas residents. Of course, it is likely to be quite challenging for the company to separate users of Bitconnect tokens in Texas from those in the rest of the world."

Security Requirements and Fees Schedule for Texas Link

-Cyrus