TEXITcoin Formally Requests Hearing to Challenge Texas Cease and Desist Order

McKinney, Texas, Feb. 24, 2026 (GLOBE NEWSWIRE) -- TEXITcoin, MineTXC, Blockchain Mint, and founder Bobby Gray have today formally requested a hearing to challenge Order No. ENF-26-CDO-1893 issued by the Texas State Securities Board (TSSB), asserting that the Order is legally flawed and factually unsupported.

The hearing request, submitted by counsel at Quinn Emanuel Urquhart & Sullivan LLP, argues that the mining packages referenced in the Order do not constitute securities under Texas law and fail to meet the legal standard established under SEC v. W.J. Howey Co. The filing further notes that, in March 2025, the U.S. Securities and Exchange Commission publicly stated that certain proof-of-work mining activities do not involve the offer and sale of securities.

The response also challenges the Order’s fraud allegations, stating that no false statements, investor losses, or misappropriation of funds have been identified.

While contesting the Order, the companies confirm they are fully complying with its terms. No mining packages are currently available for purchase.

TEXITcoin Founder Bobby Gray Responds:

“TEXAS deserves clarity, not confusion. We have not offered securities, and we have not committed fraud. What we built is a proof-of-work system rooted in transparency and community participation, not an investment contract.”

“We respect the role regulators play in protecting investors. That’s exactly why we’ve requested a formal hearing, so the facts can be reviewed on the merits. There has been no investor harm, no misappropriation of funds, and no deception. We are confident that once the law is properly applied, this Order will be set aside.”

A Commitment to Due Process

The hearing request asks the Board to modify or withdraw the Order and to clarify public statements referencing alleged investor harm. TEXITcoin maintains that the mining packages at issue were offered through MineTXC and that certain named entities were improperly included in the Order.

“We welcome a fair and transparent process,” Gray continued. “Texas is home. We built this ecosystem here, and we intend to defend it here.”

Further updates will be provided as the hearing process moves forward.

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