2 More States Target BlockFi Interest-Earning Crypto Accounts
By Elise Hansen (July 22, 2021, 9:42 PM EDT) -- Cryptocurrency company BlockFi was hit with state enforcement actions in Alabama and Texas Thursday over its interest-earning cryptocurrency accounts, just days after New Jersey ordered the company to stop selling the accounts.
All three states' regulators have said the company's BlockFi Interest Accounts count as securities, and BlockFi has failed to register with the appropriate state authorities. The Alabama Securities Commission ordered BlockFi Inc. to show why it shouldn't be subject to a cease-and-desist order over selling the accounts, while the Texas State Securities Board said the question of a cease-and-desist order will go before an administrative law judge in October....
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