BlockFi fined 100 Millions and has 60 days to comply

the Securities and Exchange Commission, or SEC, announced actions against crypto lending company BlockFi over its failure to register high-yield interest accounts that the agency deems to be securities.

BlockFi will pay $50 million in settlement to the SEC and another $50 million to 32 U.S. states that brought similar charges ... bring it into compliance with the Investment Company Act of 1940 within the next 60 days.

... the SEC was investigating products similar to BlockFi Interest Accounts offered by Gemini, Celsius Network and Voyager Digital to determine whether these offerings constituted securities.

source: https://cointelegraph.com/news/sec-hits-blockfi-with-a-100-million-penalty-gives-60-days-to-comply-with-a-1940-law

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