Share this article
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.
By Danny Nelson
Updated May 11, 2023, 5:49 p.m. Published Nov 17, 2021, 2:38 p.m. 1 min read
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.
More For You
Crypto has solved tokenization, but not distribution and Prometheum says broker-dealers and RIAs are the key to bringing digital assets into mainstream finance.
What to know:
- Prometheum launched new infrastructure allowing broker-dealers and RIAs to offer tokenized securities and crypto assets through traditional brokerage accounts.
- Aaron Kaplan, co-founder and co-CEO of Prometheum says tokenization has advanced faster than distribution, leaving blockchain-based securities without mainstream investor access.
- The company is betting regulated Wall Street firms will drive...
Top Stories
