New Jersey, Texas, and Alabama have individual state regulators issuing concerns that New Jersey-based DeFi firm, BlockFi, is offering unregistered securities. Regulators seem to particularly point to BlockFi’s Interest Account (BIA), which offers rates that consumers are now becoming accustomed to in DeFi – but that have blown traditional banking rates out of the water. The ‘Unusual Three’ Crypto in it’s relatively early emergence in discussions around regulation and broader adoption, has largely been considered a somewhat bipartisan topic. Which makes the three states going after BlockFi a particularly unusual trio. New Jersey, the company’s home state and traditionally a very Democratic-run state at that, is arguably the most aggressive of the three states making claims against the firm. New Jersey has ordered BlockFi to stop offering it’s BIA product to state residents by July 29 according to a recent cease and desist from the state’s Bureau of Securities. Texas, a traditionally Republican-led state, has also issued a cease and desist with a hearing date currently set for October. The document also cites BIAs as a concern, stating that BlockFi “is, in part, illegally funding its lending operations and proprietary trading through the sale of unregistered securities in the form of cryptocurrency interest-earning accounts.” Finally, we have another typically Republican-led state in Alabama issuing a ‘Show Cause Order‘ to BlockFi this past week. The company now has less than 30 days to show the state securities commission why they should not be issued a cease and desist for selling unregistered securities. The show cause document suggests that BIAs should be registered with applicable securities regulators. It’s becoming pretty clear, at least in the case of BlockFi recently, that regulatory hurdles do not live on any particular side of the political aisle. Bitcoin’s can be deposited into BlockFi’s BIA product to yield substantial interest-bearing returns. | Source: BTC-USD on TradingView.com Related Reading | Uniswap Limits Access To Certain Tokens, What It Could Mean For The DeFi Sector Is DeFi In Trouble? BlockFi issued a recent responding statement in a tweet that stated that the firm wholeheartedly believed that it’s BIAs were “lawful and appropriate for crypto market participants”, adding that the company welcomes “discussions with regulators and believe(s) that appropriate regulation of this industry is key to its future success.” It’s difficult to say the impacts in such an early stage of aggressive regulatory attacks on DeFi, particularly given that of the major players in the yield-generating space, only BlockFi is being highlighted here. Will other states join these three, and will major BlockFi competitors start facing challenges as well? Or are these state regulators simply cracking a proverbial whip – or are there enough substantial differences in how BlockFi competitors, such as Nexo or Celsius, are funding their interest-bearing accounts that leave them absorbing less regulatory risk? Either way, it is becoming abundantly clear that crypto’s relatively quick mainstream success, paired with slow-moving federal decision making, will leave emerging firms – but hopefully not forward-thinking consumers – with some inherent challenges. Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency Featured image from Pixabay, Charts from TradingView.comRead More
Christine Parker, partner at Reed Smith, summarizes the slew of regulatory headlines facing Binance and how such scrutiny may affect the exchange going forward. Show highlights: which countries are investigating[…]
The post Why It Might Be Too Late for Binance to Avoid Regulatory Action appeared first on Unchained Podcast.
Delhi High Court has issued a notice on the plea filed against cryptocurrency advertisements in India; the court has ordered the utilization of standardized disclaimers on the ads in the public interest. The Divisional Bench of Justice DN Patel and Justice Jyoti Singh has notified the Securities and Exchange Board of India (SEBI), the Ministry
The post Breaking: Indian High Court calls for “standardized disclaimers’ on crypto advertisements appeared first on Coingape.
Recent moves by European countries have demonstrated an apparent inclination towards totalitarianism, something Bitcoin can help fight.Read More
The world’s largest cryptocurrency by volume, Binance said it plans on doubling its compliance headcount by the end of the year.
The post Binance Aims to Double Down on Compliance Following Regulatory Scrutiny appeared first on BeInCrypto.
Sam Bankman-Fried, CEO and founder of FTX, explains FTX’s sports-centric advertising model and talks about what is on his regulatory wish list going forward. Show highlights: why Sam is so[…]
The post FTX’s Sam Bankman-Fried Gives the Tom Brady/Gisele Bundchen Backstory appeared first on Unchained Podcast.
Jul 2, 2021 | Altcoin News, Binance, BNBBKRW, BNBBTC, BNBBUSD, BNBETH, BNBEUR, BNBIDRT, BNBNGN, BNBPAX, BNBRUB, BNBTRX, BNBTRY, BNBTUSD, BNBUSD, BNBUSDC, BNBUSDT, BNBUSDTPERP, BNBZAR, Cayman Islands, Crypto News, Monetary authority, News, Regulation, Regulation News
The Cayman Islands Monetary Authority (CIMA) is currently investigating Binance after reports of the world’s largest exchange operating in the country without a license surfaced. The Cayman Islands is considered to be crypto heaven and has acted as an alternate headquarters for many crypto exchanges who face trouble in their native country of origin. Until
The post Cayman Islands Authorities to Investigate Binance, Fresh Trouble or Another FUD? appeared first on Coingape.
The monsoon session for the Indian parliament is scheduled to begin on July 19 and commence by the second week of August. Among various agendas and bills up for discussion, the crypto communities have their eye set on the Crypto bill. The excitement is higher this time around since inside reports have suggested a positive
The post All Eyes On Indian Crypto Bill as Monsoon Session Starts on July 19 appeared first on Coingape.
China’s bitcoin mining crackdown has led to Bitmain halting mining rig sales, exodus of miners and decline in the hash rate.Read More
In another win for the adoption of blockchain technology and cryptocurrencies, the Central Bank of Portugal (Banco de Portugal) has officially announced that they will begin approving licenses for crypto exchanges to operate within the country. Two have already been granted. This is the first time that crypto asset exchanges are able to operate within […]Read More
Jun 21, 2021 | Bitcoin News, BTCBRL, BTCBUSD, BTCDAI, BTCEUR, BTCGBP, BTCJPY, BTCKRW, BTCMXN, BTCNGN, BTCPAX, BTCRUB, BTCTRY, BTCTUSD, btcusd, BTCUSDC, BTCUSDT, BTCXRP, BTCZAR, Crypto News, CRYPTOCAP-BTC.D, Cryptocurrencies, Goldman Sachs, JPMorgan Chase, morgan stanley, News, Regulation, Regulation News
Despite the incessant clamor for the lack of regulatory clarity in the U.S., the biggest banks are already offering cryptocurrency-related services. As reported by Bloomberg, JPMorgan Chase & Co, Goldman Sachs Group Inc, and Morgan Stanley are notably offering crypto futures trading to their clients. This is coming at a time when banks in the
The post Top 3 US Banks Now Offer Crypto Futures Trading, Will Other Banks Follow Soon? appeared first on Coingape.
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