The Texas State Securities Board has filed for a hearing with the potential to impose a cease and desist order against crypto lending firm Celsius Network for not offering securities licensed at the state or federal level, while the New Jersey Bureau of Securities has ordered the platform to stop offering and selling interest-earning cryptocurrency products. According to a Sept. 17 filing, the Texas regulator will be holding a hearing related to allegations that Celsius Network is offering and selling securities in Texas that are not registered or permitted in addition to not registering as a dealer under the state’s Securities Act. Should the judge accept that the platform’s offerings represented unlicensed securities, Celsius Network may be subject to a cease and desist order. On the same day, the New Jersey Bureau of Securities announced that it had issued a cease and desist order against Celsius for allegedly “funding its cryptocurrency lending operations and proprietary trading at least in part through the sale of unregistered securities in violation of the New Jersey Securities Law.” According to the state regulator, the platform raised roughly $14 billion from those sales.