United States of America: Announced measures against BlockFi LLC for non-compliance with registration requirements
Description
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 filed for a hearing about the sale of unregistered securities, and Alabama issued a Show Cause Order to hear why the state should not emit a cease-and-desist order
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