Blockfi SEC Settlement (2022) event
Overview
BlockFi Lending LLC reached a settlement with the U.S. Securities and Exchange Commission, announced on 14 February 2022, resolving charges related to its BlockFi Interest Accounts. These retail products offered interest on cryptocurrency deposits. According to the regulator, the accounts constituted unregistered securities, the firm operated as an unregistered investment company, and it issued materially false and misleading statements regarding the risk profile of its loan book. Under the terms, BlockFi will pay $50 million to the SEC and an additional $50 million to 32 states. It must cease offering the unregistered accounts and, within 60 days, take steps to comply with the Investment Company Act. At the time, the $50 million SEC fine was the largest ever imposed on a crypto company.
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