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Bloomberg: SEC Is Eyeing BlockFi's High-Yield Crypto Interest Product
Summary: According to a report from Bloomberg, an anonymous source said that the US Securities and Exchange Commission (SEC) is reviewing BlockFi, a New Jersey-based cryptocurrency lender, especially the BlockFi Interest Accounts(BIA), a type of high-yield interest product. BlockFi allows users to lend and borrow various cryptocurrencies, as well as stable coins like USDC and Tether. Currently, ...
According to a report from Bloomberg, an anonymous source said that the US Securities and Exchange Commission (SEC) is reviewing BlockFi, a New Jersey-based cryptocurrency lender, especially the BlockFi Interest Accounts(BIA), a type of high-yield interest product.
BlockFi allows users to lend and borrow various cryptocurrencies, as well as stable coins like USDC and Tether. Currently, users can earn a 9.5% return on their Tether holdings, which far exceed that of banks.
The SEC is reviewing whether the product is a security, regulators in the states of New Jersey, Alabama, Texas, Vermont, and Kentucky have all raised similar concerns in the past few months. BlockFi firmly denies and said it will continue to cooperate with regulators.
By Mary Liu
Tags: BIA,BlockFi,SEC
Link: Bloomberg: SEC Is Eyeing BlockFi's High-Yield Crypto Interest Product [Copy]
