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United States of America: US SEC investigation into BlockFi regarding registration requirement

Progress

Current status
in force
08 Jun 2022 in force
14 Feb 2022 in force
21 Jul 2021 under deliberation

Scope

Implementers
United States of America
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
Implementation Level
national

Timeline of events

08 Jun 2022
in force

Ordered penalty and registration to BlockFi LLC

On 8 June 2022, the Iowa Insurance Commissioner issued a consent order against BlockFi Lending LLC (BlockFi) with a penalty of over USD 943 000 for failing to register its financial product BlockFi Interest Accounts. In addition, the consent order n…

Source
Event type investigation
Action type ruling
Government branch executive
Government body other regulatory body
14 Feb 2022
in force

Ordered penalty and registration to BlockFi LLC

The Securities and Exchange Commission (SEC) charges BlockFi Lending LLC (BlockFi) with a penalty of USD 100 Million (USD 50 Million to the SEC and USD 50 Million to similar charges in 32 states) for failing to register its retail crypto lending pro…

Source
Event type investigation
Action type ruling
Government branch executive
Government body other regulatory body
21 Jul 2021
under deliberation

Announced measures against BlockFi LLC for non-compliance with registration requirements

BlockFi Lending LLC (BlockFi) has received notices by three states in the U.S. (New Jersey, Alabama and Texas) with the accusation of offering unlicensed securities through its crypto lending product. New Jersey filed a cease-and-desist order, Texas…

Source
Event type investigation
Action type announcement
Government branch executive
Government body other regulatory body