Happy to be regulated? Fallout from BlockFi settlement is a matter of speculation By Cointelegraph
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It might seem unlikely that BlockFi founder and CEO Zac Prince would describe a prosecution that resulted in a $100-million fine for his company as “a win not only for BlockFi but for the broader cryptocurrency industry,” but that is indeed what he said. And, he might be right, although it remains to be seen for now.
The settlement
Founded in 2017, BlockFi is a New Jersey-based crypto financial institution with a team of 850 and one million clients worldwide. Its popular BlockFi Interest Account product, with half a million users, including 407,000 in the United States, was the object of a cease and desist order from the Securities and Exchange Commission (SEC) and 32 state attorneys general on July 20, 2021. A statement at that time by the NJ Attorney General’s Office alleged that BlockFi was “selling unregistered securities in the form of interest-earning cryptocurrency accounts that have raised at least $14.7 billion worldwide.”
First past the post
Rocky path to compliance
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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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It might seem unlikely that BlockFi founder and CEO Zac Prince would describe a prosecution that resulted in a $100-million fine for his company as “a win not only for BlockFi but for the broader cryptocurrency industry,” but that is indeed what he said. And, he might be right, although it remains to be seen for now.
The settlement
Founded in 2017, BlockFi is a New Jersey-based crypto financial institution with a team of 850 and one million clients worldwide. Its popular BlockFi Interest Account product, with half a million users, including 407,000 in the United States, was the object of a cease and desist order from the Securities and Exchange Commission (SEC) and 32 state attorneys general on July 20, 2021. A statement at that time by the NJ Attorney General’s Office alleged that BlockFi was “selling unregistered securities in the form of interest-earning cryptocurrency accounts that have raised at least $14.7 billion worldwide.”
First past the post
Rocky path to compliance
Continue Reading on Coin Telegraph
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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