Although the United States might not have clear regulatory framework with regards to cryptocurrency; that doesn’t mean that there aren’t states that have their own stance on the matter. The Securities Commissioner of Texas, Travis J.Iles, has issued an emergency cease-and-desist order to a company by the name of FxBitGlobe. FxBitGlobe allegedly lists a fake address in Houston, Texas, and that appears to be only the beginning of the scam. The company also claims to be a member of the Securities Investor Protection Corporation, a non-profit that has recovered billions for investors. The company is not a member, which the order states is a “misrepresentation of relevant facts.” The crypto investment firm claims to offer incredible returns between 25% and 75%, which many believe to be an obvious sign of a Ponzi scheme. The most expensive tier of the company offered an astonishing 70% monthly return, and required a $50,000 investment. The company did not elaborate on how exactly it would achieve those returns, however, and also claimed to be a registered investment advisor when it wasn’t. The firm also claims to be a leading investment company with a global reach and offices in countries such as Germany, China, and Malaysia. The company also offers an affiliate program, which the regulator considers to be an unregistered sales agent. The affiliate program promised a 5% commission of new clients’ principal investments, encouraging users to perpetuate the scam. The emergency cease-and-desist order also claims that the company forged government documents, as well. The Texas States Securities Board has cracked down on cryptocurrency scams more than many other states, and an annual report showed just how seriously the regulator was focusing on the sector. The agency was specifically focused on initial coin offerings (ICOs), and also garnered headlines for going after Bitconnect, the infamous Ponzi scheme that many cryptocurrency influencers and Youtubers promoted consistently in 2016 and 2017. The platform was closed in January 2018, and the TSSB in particular was aggressive with regards to its approach to the platform.