Bitconnect Legal Trouble in Texas – Cease and Desist Letter Possible Signal of the End.
Bitconnect Legal Trouble in Texas emerged today as Texas Securities Commissioner Travis J, Iles issued a cease and desist letter to Bitconnect. This is troublesome for Bitconnect on at least three fronts as Texas has a population of roughly 28 million people representing just about 9% of the population of the United States itself. From a more technical standpoint this cease and desist letter effectively shuts down Bitconnect in the United States entirely as it is technically impossible to ensure just one of the 50 states of America can’t access a website. That’s because (in the best English we can muster) Geolocation via IP address can be helpful for a general sense of proximity but it’s often incorrect especially with larger Internet providers that have a national or regional footprint.
Clearly Bitconnect legal trouble in Texas extends far beyond Texas. To be on the safe side, Bitconnect should shut down access to Bitconnect from the USA entirely. We say this in light of the recent comments by William Galvin, secretary of Massachusetts. The regulatory sharks of US government at the state and federal level will, no doubt, smell blood in the water and pursue new regulatory prey – and with good reason.
Cryptocoin scams are nothing new and, sadly, innocent people are taken advantage of every day by get-rich-quick schemes now and since the dawn of time. Bitconnect Legal Trouble in Texas means the end of the line for cryptocoin scammers because the Texas filing — for all realistic intents and purposes – shuts down cryptocurrency scams in the United States.
On a related note — which slipped under the radar until now — Texas hit USI-Tech with a cease and desist order back on December 20th. We applaud Texas for taking the lead in taking action against bad actors. Cryptocoin is the future and looking brighter than ever now. A closing word of advice for EVERYBODY – Don’t mess with Texas.