One day after the ̶C̶r̶y̶p̶t̶o̶ ̶B̶o̶w̶l̶ Super Bowl, BlockFi has agreed to pay $100 million to settle with the SEC and state regulators — a record penalty for a crypto firm.
Crypto startup BlockFi agreed to pay $100 million to settle allegations from the SEC and state regulators that it illegally offered a product violating securities law.This is the largest-ever penalty against a cryptocurrency firm and the first in which a crypto company was charged with violating the registration provisions of the Investment Company Act of 1940.
The charging document states that approximately 24% of institutional crypto asset loans BlockFi made in 2019 were over-collateralized. In 2020, that number was 16%, and in 2021 it was 17%.
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