3 states have cracked down on crypto lender BlockFi as the company's interest accounts draw scr …


Sumary of 3 states have cracked down on crypto lender BlockFi as the company's interest accounts draw scrutiny:

  • Chukrut Budrul/SOPA Images/LightRocket via Getty Images Three US states have said cryptocurrency platform BlockFi’s Interest Accounts may be a security under state regulation.
  • New Jersey, Alabama, and Texas said the crypto platform did not register its BlockFi Interest Accounts with regulators.
  • BlockFi CEO Zac Prince says that the interest-bearing accounts are lawful.
  • Three US states have said cryptocurrency platform BlockFi may have violated securities law by offering its interest-bearing accounts within their jurisdictions.
  • All three states – New Jersey, Alabama, and Texas – said the cryptocurrency platform did not register its BlockFi Interest Accounts, or BIAs, with the respective state regulators, and that they may be unregistered securities offerings.
  • On July 20, New Jersey issued a summary cease and desist order banning BlockFi from selling unregistered securities through its BIAs and to stop accepting new BIAs in the state.

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