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Started By
Message
Email from BlockFi
Posted on 2/14/22 at 2:01 pm
Posted on 2/14/22 at 2:01 pm
A letter from our founders
Kevin,
We are pleased to share that today we have reached an agreement with U.S. federal and state regulators – outlining a clear path forward for BlockFi and for Americans to earn crypto interest. Today’s resolution outlines the finer points of that agreement, and we wanted to share some additional context with you all.
At BlockFi, we envision a world where blockchain powered financial products and services accelerate prosperity worldwide by providing more access and better economic outcomes. We are proud to have reached this agreement which creates a foundational path forward for our U.S. clients and the wider crypto industry.
What’s along this path?
Put simply – increased regulatory clarity we’ve been hoping for. We were the first crypto company to receive a state-level license to issue crypto-backed loans to U.S. consumers in 2018 and this is the next major example of how we prioritize cooperation with regulators.
With today’s resolution, we are leading the creation of a new regulatory landscape for crypto and our clients. As we shared earlier, we intend to file or confidentially submit a registration statement to the SEC for BlockFi Yield, a new crypto interest-bearing security.
What does this mean for you – our clients?
Existing U.S. BlockFi Interest Account (BIA) clients will maintain their accounts and will continue to receive interest as they always have. BIA clients based in the United States may not add further assets into their BIAs. Once the BlockFi Yield registration statement is declared effective by the SEC, BIAs of U.S. clients will be exchanged for BlockFi Yield and you will be able to add incremental assets to your account, unless clients instruct us otherwise.
All U.S. clients will receive an email and in-product communications with further details on changes to their client experience. If you have questions, please contact our Client Success team here.
Existing and prospective BlockFi clients outside of the U.S. are unaffected by these changes and continue to have full access to the platform, including opening new BIAs and adding assets to existing BIAs.
The path to broad crypto adoption is one that has included some mountain top views (the latest all time high!) and deep valleys (brr… crypto winter) over the years. We have worked tirelessly with regulators on your behalf to chart this exciting path forward, and we look forward to our next chapter of pioneering innovative, crypto-powered products for our clients worldwide.
We thank you for continuing on this journey with us and will continue working hard to deliver more value to you through our products and services.
With gratitude,
Zac, Flori and the BlockFi Team
Posted on 2/14/22 at 2:55 pm to xxTIMMYxx
Well I still have .35 BTC in my Blockfi account. I guess if I request withdrawal now, I might get it by 2024
Posted on 2/14/22 at 3:30 pm to xxTIMMYxx
And now BlockFi will be forced to pay $100 million in penalties. This is why the SEC has intentionally kept crypto vague and given no clarity. Now they can go after $100 million here, another $100 million there. Like a speed trap...or a money tree. Screw the SEC.
Posted on 2/14/22 at 3:35 pm to Pendulum
tbh I think this is bullish long-term for those who got in early ... if there's a restriction on new investors until securitized ... same will be applied to similar platforms AND competition will be severely limited unless you wade into DeFi land ... which is next up on Gensler's radar anyway
Posted on 2/14/22 at 3:44 pm to Shankopotomus
quote:
The order also finds that BlockFi made a false and misleading statement for more than two years on its website concerning the level of risk in its loan portfolio and lending activity.
Blockfi better hope without US money they still have enough new money coming to cover their obligations.
Guessing yield will start coming down pretty quick otherwise
Posted on 2/14/22 at 4:01 pm to UltimaParadox
quote:
made a false and misleading statement
yeah the government loves to hammer private sector with those words in just about any context - never good
Posted on 2/14/22 at 5:44 pm to Shankopotomus
.
This post was edited on 2/15/22 at 11:35 am
Posted on 2/14/22 at 8:40 pm to xxTIMMYxx
Anyone who gave them money deserves to lose every penny, bunch of morons
Posted on 2/15/22 at 9:39 am to TheWalrus
I'm not saying you're wrong, but basically anywhere you have your money is doing shady shite with it to provide yield, unfortunately. JP Morgan Chase was among the WORST in terms of risky investments in recent years, and trusting the stock market has it's share of risks too.
They will be fine, ultimately, there are big money VCs backing them up and they can likely at least float with their credit card fees etc.
Yields will get compressed though, no doubt.
I am waiting to see the fallout with Celsius, Voyager, Gemini et. al
They will be fine, ultimately, there are big money VCs backing them up and they can likely at least float with their credit card fees etc.
Yields will get compressed though, no doubt.
I am waiting to see the fallout with Celsius, Voyager, Gemini et. al
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