MASHINSKY ARRESTED REGISTRATION

вЂњThis is the first such case with respect to crypto lending platforms,вЂќ вЂ‹вЂ‹SEC Chairman Gary Gensler said in a Feb. For BlockFi, the SEC says more than 24% of institutional crypto asset lending in 2019 was overcollateralized in 2020, around 16% were oversized and in 2021 (through June 30, 2021), approximately 17% were oversized. BlockFi is the first to reach a settlement with the SEC that requires it to treat its products as registrable securities. In the announced parallel actions, BlockFi agreed to pay an additional US$50 million in fines to 32 states to settle similar charges. BlockFiвЂ™s parent company also announced plans to register under the Securities Act of 1933 the offering and sale of a new loan product. and sales of the loan product, BlockFi Interest Accounts (BIAs), and is attempting to bring its business into compliance with the provisions of the Investment Firms Act within 60 days. To settle the SEC charges, BlockFi agreed to pay a fine of $50 million, to cease its unregistered offers.

MASHINSKY ARRESTED REGISTRATION

In this first-of-its-kind action, the SEC also accused BlockFi of violating the registration provisions of the Investment Firms Act of 1940. The Securities and Exchange Commission (SEC) has accused BlockFi Lending LLC (BlockFi) of failing to register offers and sales of its retail crypto lending product. Interest rates on certain Celsius Network products can be as high as 17%.

Other companies offering high-yield crypto accounts include Nexo, Celsius Network, and Eco. Accounts paying interest on cryptocurrency deposits have grown in popularity among cryptocurrency enthusiasts. US regulators are cracking down on crypto lending firms.

Mashinsky arrested