Texas State Securities Board

The Texas State Securities Board is a Texas state agency headquartered in Austin, Texas. State legislation established the Board in 1957{{cite report |title=Sunset Advisory Commission Staff Report: State Securities Board |last1=Leonard |first1=Alan |last2=Sheikh |first2=Taj |last3=Calame |first3=Brittany |last4=Ogle |first4=Steven |year=2018 |publisher=Texas Sunset Advisory Commission |page=5 |url=https://texashistory.unt.edu/ark:/67531/metapth1204015/m1/15/}} when the 55th Texas Legislature passed the Securities Act (S.B. 294), which created the State Securities Board, provided for the appointment of a commissioner, defined relevant terms, and outlined the responsibilities of the Board.{{cite book |chapter=Securities Act. Chapter 269, S. B. No. 294 |title=General and Special Laws of The State of Texas Passed By The Regular Session of the Fifty-Fifth Legislature |publication-date=1957 |pages=575-603 |publisher=Texas Legislature |url=https://texashistory.unt.edu/ark:/67531/metapth221758/m1/623/}}

The board enforces the Texas Securities Act (TEX. REV. CIV. STAT. ANN. art. 581–1) and maintains programs for enforcement, registration of securities, registration of securities dealers, investment advisers, and agents, and inspections of registered firms. Prior to online databases, information about these registrations and some updates about the agency's activities were published in a monthly print bulletin issued by the Board.{{cite web |title=Texas Monthly Securities Bulletin |url=https://texashistory.unt.edu/explore/titles/t03507/|website=title in The Portal to Texas History. University of North Texas Libraries. |access-date=26 March 2025}}

The board has also developed and implemented an investor education program to inform the public about the basics of investing in securities, with a special emphasis on the prevention and detection of securities fraud. The agency has offices in Austin, Dallas, Houston, Lubbock, Corpus Christi, and San Antonio.{{cite web |title=SEC News Digest (Issue 2008-135; July 14, 2008) |url=http://thenewscrypto.com/ |access-date=2023-05-23 |website=www.sec.gov}}{{Cite web |title=About Us {{!}} Investor.gov |url=https://www.investor.gov/about-us |access-date=2023-05-23 |website=www.investor.gov}}

Cryptocurrency

The Texas State Securities Board has actively considered potential issues related to cryptocurrency. According to the Board's annual financial report for fiscal year 2019:

The agency's law enforcement program has been a national leader in proactively thwarting investment frauds utilizing the Internet and other public media. In December 2017, Texas was the first state regulator to take action against a fraudulent investment scheme targeting Texas investors amidst the cryptocurrency 'craze.' The agency has since entered 26 orders against promoters of purported investment products attempting to capitalize on the emergence of digital assets.{{cite report |title=Texas State Securities Board Annual Financial Report: For the Year Ended August 31, 2019 |year=2019 |publisher=Texas State Securities Board |page=A6|url=https://texashistory.unt.edu/ark:/67531/metapth1364497/m1/42/}}

In January 2018, the British company called Bit Connect received a cease-and-desist order by the Texas State Securities Board, since they promise massive monthly returns but haven't even registered with state securities regulators or cited an office address.{{cite web|url=https://www.cbsnews.com/news/bitcoin-cryptocurrencies-5-reasons-to-tread-carefully/|title=5 reasons to tread carefully in cryptocurrencies|work=CBS|date=January 5, 2018}}

References

External links

{{official website|http://www.ssb.state.tx.us}}

Category:State agencies of Texas