A hearing is underway in Texas regarding allegations of securities and fraud related to TEXITcoin. The Texas State Securities Board issued an emergency cease-and-desist order against TEXITcoin, its related operations, and founder Bobby Gray.

The hearing, which is scheduled to last four days, began with opening statements on Monday. Details of the case are being presented during the administrative hearing.

Further information on the hearing and the allegations against TEXITcoin can be found through Texas Public Radio, which is following the developments in the case.