Express

Texas Regulator Considers BlockFi's Interest Account (BIA) Products To Be Unregistered Securities

Mary Liu

Summary: According to Coindesk, the Texas Securities Commission (TSSB) has applied for a Cease-and-Desist order for BlockFi, BlockFi Trading, and BlockFi Lending, as BlockFi’s interest account (BIA) product is considered to be unregistered securities in this state. The regulator hopes to discuss whether to issue the order at the October 13 hearing. The document gives BlockFi ...

According to Coindesk, the Texas Securities Commission (TSSB) has applied for a Cease-and-Desist order for BlockFi, BlockFi Trading, and BlockFi Lending, as BlockFi’s interest account (BIA) product is considered to be unregistered securities in this state.

The regulator hopes to discuss whether to issue the order at the October 13 hearing. The document gives BlockFi the opportunity to formally respond to the allegations, and BlockFi will be allowed to continue to operate until the end of the hearing. 

Both Alabama and New Jersey regulators have accused BlockFi's BIA may violate state securities laws.

By Mary Liu

  • BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 20 hours ago
  • The Making of a Political Darling: Is Chainlink’s Government Deal a Victory for Tech or... 5 days ago
  • Google Steps Into Blockchain: A New Front in the “Ledger Wars” 7 days ago
  • Bitcoin Weekly Analysis: Is a Bear Market on the Horizon? 9 days ago
  • AI Fraud Is Breaking the Internet’s Trust Economy. Can Compliance Tech Keep Up? 12 days ago
  • You need to login to comment.