United States of America: Ordered penalty and registration to BlockFi LLC
Description
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 product as requested by the Investment Company Act of 1940. In addition to paying the penalty, BlockFi must register its Crypto Lending Product under the Securities Act of 1933 within 60 days.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body
Complete timeline of this policy change
Hide details
2021-07-21
under deliberation
2022-02-14
in force