Markets
Share this article

Alabama Issues 'Show Cause' Order to BlockFi

The Alabama Securities Commission alleges that BlockFi has funded cryptocurrency lending in part through the sale of unregistered securities.

By Sheldon Reback
Updated Sep 14, 2021, 1:29 p.m. Published Jul 22, 2021, 11:11 a.m. 1 min read
jwp-player-placeholder

BlockFi is under fire from a second U.S. state over concerns its interest-bearing crypto accounts may be unregistered securities.

  • Late Wednesday, the Alabama Securities Commission asked crypto lender BlockFi to show why it should not be required to stop selling unregistered securities in the state.
  • The commission alleges that BlockFi has funded cryptocurrency lending and proprietary trading at least in part through the sale of unregistered securities.
  • BlockFi Interest Accounts (BIAs) are not registered with the regulator, the commission said Wednesday.
  • The company has 28 days to respond.
  • In a tweet, BlockFi said that it believes its products are lawful and appropriate and that BIAs are not securities.

Read more: NJ Regulators Give BlockFi 1 Week Before Blocking New Interest Accounts

Alabama Securities CommissionLendingSecuritiesBlockFi

More For You

IREN co-founder says AI’s biggest bottleneck is infrastructure, not chips

작성자 James Van Straten, AI Boost|편집자 Stephen Alpher
17시간 전
Mining equipment (Shutterstock)

Dan Roberts outlines IREN’s strategy to build a vertically integrated AI platform spanning power, data centers, GPUs and enterprise software.

알아야 할 것:

  • IREN co-founder, Dan Roberts, says owning power, land and data centers creates a long-term competitive moat as global AI demand accelerates.
  • Roberts said AI’s biggest constraint is increasingly physical infrastructure, with power, land and data center capacity becoming more valuable as global compute demand surges.
  • WhiteFiber shares jumped 6% in...
Read full story