Blockfi will pay $100 Million fine to the SEC and 32 U.S. States

Posted by Rick Gold on February 15, 2022 - 9:24pm

BlockFi, a crypto finance institution, will pay $100 million in penalties to the Securities and Exchange Commission (or SEC) and 32 US states after it settled charges relating to its interest program (via The Block). Regulators say that the company’s BlockFi Interest Accounts, which let users earn returns on cryptocurrencies like Bitcoin, Ethereum, and USDT, were unregistered securities and that BlockFi wasn’t properly registered as an investment company.

Blockfi will pay $100 Million to the SEC and 32 U.S. States

The SEC and Blockfi reached an agreement yesterday with Blockfi lending LLC paying $100 Million (wow are the US Gov agencies sucking in the spoils) ... SEC Commissioner Heather Pierce dissents ... https://www.sec.gov/news/statement/peirce-blockfi-20220214

hope this bodes well for crypto,

Rick

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Simon Keighley That's a significant penalty to pay for BlockFi - the regulators are clamping down on unregistered securities. Thanks for sharing the news, Rick.

February 16, 2022 at 9:36am

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