World-Renowned Litigation Firm Quinn Emanuel Seeks Early Dismissal of Texas Securities Case Against TEXITcoin

McKi ey, Texas, USA, July 14, 2026 (GLOBE NEWSWIRE) — Rep ese ted by Qui Ema uel U quha t & Sulliva LLP, TEXITcoi fou de Bobby G ay a d Mi eTXC have asked a judge to dismiss the Texas State Secu ities Boa d’s e fo ceme t actio befo e it eaches its scheduled August hea i g.

Filed o July 8 i SOAH Docket No. 312-26-14427, the Motio fo Summa y Dispositio asks the Cou t to dete mi e that Mi eTXC’s Mi i g Packages we e ot secu ities u de Texas law, a gui g that the mate ial facts a e u disputed a d that the case ca be esolved without p oceedi g to a full evide tia y hea i g.

If g a ted, the motio could esolve the ce t al legal issues befo e the scheduled evide tia y hea i g i August, ep ese ti g a sig ifica t milesto e i the compa y’s effo ts to esume Mi i g Package ope atio s i Texas.

Wo ld-Class Legal Rep ese tatio

TEXITcoi ‘s legal team is led by Qui Ema uel U quha t & Sulliva LLP, widely ega ded as o e of the wo ld’s p emie litigatio fi ms. I 2026, the fi m was ecog ised by Chambe s & Pa t e s as Comme cial Litigatio Law Fi m of the Yea , eflecti g its t ack eco d i ha dli g some of the most complex comme cial disputes globally.

Withi the digital asset i dust y, Qui Ema uel has ep ese ted leadi g compa ies a d executives i cludi g Cha gpe g Zhao (CZ), K ake , Gemi i a d Polyma ket, b i gi g exte sive expe ie ce i c yptocu e cy, blockchai a d egulato y litigatio to TEXITcoi ‘s defe ce.

Acco di g to Bobby G ay, etai i g Qui Ema uel eflects the compa y’s co fide ce i both its legal positio a d the u de lyi g facts su ou di g Mi eTXC’s mi i g ope atio s.

Backg ou d

The dispute bega i Feb ua y 2026, whe the Texas State Secu ities Boa d (TSSB) issued a Eme ge cy Cease a d Desist O de agai st TEXITcoi , Mi eTXC, Blockchai Mi t a d fou de Bobby G ay, allegi g that the sale of Mi eTXC Mi i g Packages co stituted the offe of u egiste ed secu ities u de the Texas Secu ities Act. The o de also alleged that aspects of the offe i g i volved f aud a d misleadi g stateme ts, a d di ected Mi eTXC to immediately cease offe i g the Mi i g Packages i Texas.

Mi eTXC immediately complied with the o de a d has ot offe ed Mi i g Packages i Texas si ce its issua ce. F om the outset, howeve , the compa y has mai tai ed that the allegatio s a e based o a fu dame tal misu de sta di g of how its mi i g ope atio fu ctio s. Acco di g to TEXITcoi , custome s pa ticipated i a P oof-of-Wo k mi i g pool, ot a i vestme t scheme, with mo e tha 200 custome s taki g physical possessio of thei mi i g equipme t a d all mi i g activity bei g ve ifiable o chai . The Motio fo Summa y Dispositio asks the Cou t to dete mi e, based o the u disputed facts a d applicable law, that the Mi i g Packages we e ot secu ities, pote tially esolvi g the ce t al legal issues befo e the scheduled August hea i g.

The Fili g

Qui Ema uel’s motio is suppo ted by a swo decla atio f om Bobby G ay explai i g how Mi eTXC ope ated, alo gside a i depe de t expe t epo t p epa ed by A d ew Sotak, CPA, whose expe ie ce i cludes e gageme ts fo the U.S. Depa tme t of Justice, the Secu ities a d Excha ge Commissio , a d a CFTC-appoi ted Receive .

The epo t co cludes that Mi eTXC ope ated exactly as ep ese ted, with custome s pa ticipati g i a mi i g pool athe tha pu chasi g secu ities. Amo g its p i cipal fi di gs:

1. TXC is a digital commodity, ot a secu ity.
2. Mi i g Package pu chase s pa ticipated i a mi i g pool.
3. Mi eTXC ope ated that mi i g pool i acco da ce with established i dust y p actice.
4. Mo e tha 200 custome s took physical possessio of thei mi i g equipme t.
5. The mi i g ope atio fu ctio ed exactly as adve tised, with activity ve ifiable o -chai .
6. U de ge e ally accepted accou ti g p i ciples, the Mi i g Packages co stitute o di a y eve ue co t acts athe tha secu ities.

The motio also efe e ces the U.S. Secu ities a d Excha ge Commissio ‘s Ma ch 2026 guida ce, which states that pa ticipati g i o ope ati g a mi i g pool does ot, by itself, make someo e a secu ities issue .

“F om day o e, we’ve mai tai ed that Mi eTXC ope ated exactly as adve tised: a P oof-of-Wo k mi i g busi ess, ot a i vestme t secu ity,” said Bobby G ay, Fou de of TEXITcoi . “We’ve espected the Boa d’s p ocess th oughout these p oceedi gs a d will co ti ue to do so. B i gi g Qui Ema uel o to this case eflects ou co fide ce i both the facts a d the law, a d we’ e pleased the Cou t ow has the oppo tu ity to eview the evide ce befo e the scheduled hea i g.”

What Happe s Next

The Texas State Secu ities Boa d will have a oppo tu ity to espo d to the Motio fo Summa y Dispositio befo e the Admi ist ative Law Judge dete mi es whethe the matte ca be esolved without p oceedi g to the scheduled August hea i g.

If the motio is g a ted, the co e legal dispute could be esolved befo e t ial. If de ied, the matte will co ti ue to the p eviously scheduled evide tia y hea i g begi i g o August 17, 2026, whe e Qui Ema uel will co ti ue p ese ti g TEXITcoi ‘s defe ce.

While the p oceedi gs co ti ue, TEXITcoi ’s L1 etwo k a d mi i g i f ast uctu e emai fully ope atio al, with the compa y co ti ui g to develop its b oade ecosystem while awaiti g the Cou t’s decisio .  

All cou t fili gs a d legal updates a e available at texitcoi .o g/legal.

About TEXITcoi

TEXITcoi (TXC) is a Laye 1 Sc ypt P oof-of-Wo k c yptocu e cy mi ed i Texas, with o p emi e a d o team allocatio . Built o the p i ciple that sou d mo ey should be backed by eal wo k a d eal i f ast uctu e, TEXITcoi combi es blockchai tech ology with physical mi i g ope atio s to c eate a t a spa e t, commu ity-d ive digital asset. TXC has t aded o public excha ges si ce Ju e 2024.