Tuesday April 5, 2022 – With Cryptocurrency going mainstream, the regulators are trying figure out exactly what is permissible and what is not.
BlockFi is platform that offers bank-like services. BlockFi’, hoped to expand the reach of traditional banking services. using a Cryptocurrency account, BlockFi offered an interest-bearing account where you can earn up to 9.25% APY.
The SEC stepped in and required BlockFi to adhere to the existing securities structure – something BlockFi was not doing. The SEC leveled a hugh $100 Million Fine against BlockFi, because, according the SEC – these accounts were securities and, therefore must be either to be registered as a security or exempt from registration.
Attorney Steven A. Leahy reports on the BlockFi case, and the largest cryptocurrency civil forfeiture filings in US history.