Jump to content

New Jersey’s Order Against Blockfi Extended, Vermont Issues Notice to Crypto Lender - Piracy News and Crypto Updates - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

New Jersey’s Order Against Blockfi Extended, Vermont Issues Notice to Crypto Lender


Recommended Posts

On July 28, Zac Prince, the CEO of crypto finance firm Blockfi, explained that the company has been “engaged in a productive discourse” with U.S. regulators. Prince further said the New Jersey Bureau of Securities had extended the state’s previous order to September 2. Meanwhile, the company also has issues with Vermont’s Department of Financial Regulation (DFR), as the state’s DFR commissioner filed an order against the firm’s Blockfi Interest Accounts (BIAs).

Garden State Regulators Give Blockfi an Extension, Vermont Issues Regulatory Complaints

Four states have taken issue with Blockfi’s BIAs and regulators have issued notices to the company in recent times. Blockfi’s co-founder Zac Prince revealed the company’s issues with New Jersey regulators on July 19. New Jersey’s public notice and complaints about Blockfi’s crypto BIAs cited the “sale of unregistered securities.”

Then on July 22, regulators from Texas and Alabama also sent notice to the company concerning the BIAs. Blockfi now has problems with a fourth state, as Vermont’s Department of Financial Regulation (DFR) has issued a notice to Blockfi as well.

Documents discovered by financial reporter Danny Nelson on July 27, show that Michael S. Pieciak, the commissioner of Vermont’s DFR, has issued a 30-day show cause order. The notice details that Blockfi has to convince the state’s regulator its BIAs are not securities.

“BIAs are not registered or permitted for sale in Vermont, nor do they qualify for any exemption from registration pursuant to the Securities Act,” the notice says. The company is “not registered with the Vermont Department of Financial Regulation to offer or sell securities in Vermont,” Pieciak’s order adds.

Blockfi CEO: Company Is Engaged in Productive Discourse With Regulators

The day after Pieciak’s notice to Blockfi, Prince addressed the public via a company blog post. “We have been engaged in a productive discourse with regulators to protect your interests and expand accessibility to innovative financial solutions for all,” Prince wrote. “This is our commitment to you — to fight for your rights to earn interest on your crypto assets,” the Blockfi executive added.

Prince gave an update regarding the case in New Jersey as well and said the New Jersey Bureau of Securities extended their deadline. Prince said:

"One update I want to share with you following these discussions is that the New Jersey Bureau of Securities (NJ BOS) has further postponed the effective date of its previous order to Thursday, September 2, 2021."

Blockfi’s founder said that while the order prevents the creation of new BIAs in New Jersey it does not impact other products and current customers. “Rest assured, your access to Blockfi is completely unimpaired,” Prince stressed. Blockfi co-founder Flori Marquez also shared Prince’s post on Twitter and said the company is working with financial regulators.

“At Blockfi, we are focused on protecting consumers’ rights to earn interest on their crypto,” Marquez said. “Over the last week, we’ve had constructive talks with regulators about why the BIA is appropriate for crypto market participants.”

Link to comment
Share on other sites

Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and user will be warned if it happens again. If caught spamming, the following actions are applicable -

  • First time - Warning
  • Second time - 5000 Points will be deducted
  • Third time - Ban for 7 days
  • Fourth time - Permanent Ban

If the post helped you, reward the user by reacting to the post like this -

1.jpg

Link to comment
Share on other sites

The last post in this topic was made more than 14 days ago. Only post in this topic if you have something valuable to add. Irrelevant posts are not allowed and you will be warned/banned for spamming old topics.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Read this before posting -
  • Only post if you have something valuable to contribute.
  • Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and you will be warned if it happens again.
  • If the post helped you, reward the user by reacting to the post like this -                      1.jpg
Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Customer Reviews

  • Similar Topics

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.