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Bloomberg: BlockFi could pay up to $100 million to settle a dispute with the U.S. government regulator

23.02.2022 Kravox

#usa #blockfi #regulating

Bloomberg: BlockFi could pay up to $100 million to settle a dispute with the U.S. government regulator

Why is it so important?

Stricter regulation of the crypto industry could affect the value of cryptocurrencies, as well as reduce the profitability of the DeFi sphere.

According to Bloomberg, BlockFi is accused of illegally offering a service for which it paid high-interest rates. The Securities and Exchange Commission (SEC) says that this can be classified as a securities transaction. A company must hold a special license for such transactions, while BlockFi does not have one. According to the media sources, the company is ready to pay $100 million to settle the conflict with the state regulator. However, this has not yet been officially confirmed:

“We have been in ongoing productive dialogue with regulators at the federal and state level. We do not comment on market rumors,” said BlockFi spokesperson Madelyn McHugh. “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.”

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