NEW YORK, Sept 16 — With offers of loans and interest-earning accounts, more new cryptocurrency firms are straying into the world of traditional banks, to the consternation of US financial regulators.
In July, prosecutors in several US states went after another platform, BlockFi, demanding it put an end to its interest-bearing accounts, which the company says can earn up to eight per cent annually at a time when most traditional banks offer just 0.01 per cent for savings.
While elected officials in Congress are only just drafting bills to deal with these firms, and central bankers are debating their role, the former Goldman Sachs investment banker is taking action. Good regulation “will drastically increase people’s faith and sense of security in crypto,” which will bring in more potential customers.
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