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BlockFi was forced to pay $100 million ($50 million to the SEC and an additional $50 million to 32 states). If you’re not a customer of BlockFi’s, this is super important because it will have consequences on the whole industry.
WHO DOES THIS AFFECT?
This change applies to US citizens only at this time – if you’re not a US citizen than you’re very lucky and you’ll still be earning interest on new deposits.
WHAT HAPPENS TO MY ACCOUNT?
If you already have an account with BlockFi and you’ve been earning interest, all the crypto you have in BlockFi will still continue earning interest, but you will not be able to deposit new crypto and have it earn interest. If you’re creating a new account in the future, you will not be able to earn any interest period – until they register with the SEC and get approved.
Also, the moment your crypto leaves your interest bearing account that you’ve been grandfathered into right now, it will no longer earn interest if you try to put it back into the same account.
WHAT DID BLOCKFI DO WRONG?
Technically nothing; however, the SEC is classifying interest accounts as securities.
WHY IS THE SEC GETTING INVOLVED IN CRYPTO NOW?
Because crypto companies that pay interest are becoming increasingly more popular. These crypto companies are paying close to 10% APY which is huge. The SEC wants to make sure crypto companies are following the rules.
WHAT HAPPENS IF THE EXECUTIVE ORDER CALLS ALL LENDING PRODUCTS AS “SECURITIES”?
Watch the video to learn more about this!
SOURCES:
https://blockfi.com/pioneering-regulatory-clarity
https://blockfi.com/resolution-announcement
https://blockfi.com/confidential-s1-filing
sec.gov/news/press-release/2022-26
https://www.sec.gov/news/statement/peirce-blockfi-20220214
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.