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BlockFi agrees to pay $100M in Penalties and Pursue Registration of its Crypto Lending Product. The Securities and Exchange Commission (SEC) today charged BlockFi Lending LLC with failing to register the offers and sales of its retail crypto lending product.
This is the first case of its kind with respect to crypto lending platforms, SEC Chair Gary Gensler said. Todays settlement makes clear that crypto markets must comply with time-tested securities laws, such as the Securities Act of 1933 and the Investment Company Act of 1940. It further demonstrates the Commissions willingness to work with crypto platforms to determine how they can come into compliance with those laws.
The SEC is moving ahead with its promise to regulated Crypto, backed by enforcement actions.
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