SEC Reportedly Looking Into BlockFi’s Crypto Yield Products
The crypto lender was already in hot water with a number of state securities regulators earlier this year.
BlockFi’s high-yield crypto interest products have reportedly come under the federal microscope.
Citing one anonymous source, Bloomberg reported Wednesday the U.S. Securities and Exchange Commission (SEC) is “scrutinizing” the New Jersey-based crypto lender. Reportedly at issue are BlockFi’s marquee landing products, which can yield as much as 9.5%.
BlockFi has maintained that its product is not a security. But securities regulators appear to disagree. Earlier this year, a bevy of state-level agencies opened investigations into BlockFi, which would make the SEC only the latest force to give a look.
BlockFi declined to comment.
Read more: NJ Regulators Give BlockFi 1 Week Before Blocking New Interest Accounts
UPDATE (Nov. 17, 14:43 UTC): Adds that BlockFi declined to comment.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
