BlockFi Will Pay $100M in Settlement With SEC, State Regulators Over High-Yield Accounts: Report

When asked about the report of the settlement, a BlockFi spokesperson would only say,"We have been in productive ongoing dialogue with regulators at the federal and state level. We do not comment on market rumors. We can confirm that clients’ assets are safeguarded on the BlockFi platform and BlockFi Interest Account clients will continue to earn crypto interest as they always have."

Crypto lending in general has come under close SEC scrutiny in recent months. The SEC is reportedly investigating Voyager Digital, Gemini Trust and fellow crypto lender Celsius Network.Makes clear that according to the report under the settlement BlockFi would be prohibited from opening new high-yield accounts to most Americans; existing accounts appear to be unaffected. Adds statement from BlockFi spokesperson.

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nikhileshde What will you Americans do about the SEC shitting on your heads and blatantly preventing defi to grow exponentially, which would cause the collapse of the centralized banking system?

nikhileshde I think SEC will be going after every single DE-FI platform so banks can survive. It was obvious it would happen sooner rather than later.

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BlockFi faces $100 million in penalties over crypto interest accounts: reportBloomberg reported late Friday that the crypto lending platform BlockFi will pay $100 million to settle investigations into its interest-generating accounts. BlockFi should create a DAO and raise money to pay the fines by offering limited edition NFTs... Fair enough. If Blockfi was really Defi, this wouldn't be necessary as the whole operation would be visible through public smart contracts. Are you ready for financial freedom💵💸 heard of BashProtocol don't to miss out gain true passive income through staking , farming amazing API don't miss out on the hottest project of the year coming soon🔥 BSC BNB DAO SHIB BTC eth
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