Three US States Going After BlockFi In Regulatory Crackdown

Three US States Going After BlockFi In Regulatory Crackdown

New Jersey, Texas, and Alabama have individual state regulators issuing concerns that New Jersey-based DeFi firm, BlockFi, is offering unregistered securities. Regulators seem to particularly point to BlockFi’s Interest Account (BIA), which offers rates that consumers are now becoming accustomed to in DeFi – but that have blown traditional banking rates out of the water. The ‘Unusual Three’ Crypto in it’s relatively early emergence in discussions around regulation and broader adoption, has largely been considered a somewhat bipartisan topic. Which makes the....


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Vermont Joins 3 States On BlockFi Regulatory Action

Several states’ securities regulators have been furrowing their brows with regards to BlockFi Interest Accounts (BIA) lately. This includes BlockFi’s home state of New Jersey, who was arguably one of the more strict in their action towards the firm; New Jersey issued a cease and desist that instructed the firm to stop offering their BIA product before the end of this week. Now, securities regulators in New Jersey have pumped the brakes for a moment, extending that deadline. However, in the meantime, Vermont has joined the ranks of New Jersey, Texas, and Alabama for issuing....

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Texas and Alabama Regulators Crackdown on Blockfi’s Interest Bearing Account ...

Fresh off the heels of Blockfi’s issues with the ​​New Jersey Bureau of Securities, the company is now having problems in the state of Alabama. The director of the Alabama Securities Commission (ASC), Joseph Borg, explained on July 21 that he issued a show cause to the firm. Borg wants Blockfi to explain why the ASC should not copy New Jersey’s cease and desist as Alabama regulators also seem to believe they might be selling unregistered securities. Blockfi has received another order from the Texas State Securities (TSS) Board for the same reason. Alabama....

Former Bitmain CEO Jihan Wu: Regulatory crackdown may be good for crypto

Wu also pitched Singapore, where his current company Matrixport is based, as a strong contender to serve as "a hub for crypto innovations." Jihan Wu, crypto billionaire and the co-founder and ex-CEO of Bitcoin (BTC) mining giant Bitmain, believes that the current wave of regulatory interventions in the crypto industry may be “a good thing in the long term.”Speaking to CNBC during the Asia Tech x Singapore conference this week, Wu noted that the sector had already grown almost to “a trillion dollar market cap industry,” with over 10% of United States citizens having some involvement with....