Fined $100 MILLION for... having a popular product?
BlockFi is being forced to pay a $100 million settlement with the SEC and state regulators for offering people high yield on their accounts. They've been under investigation since the end of last year for offering earnings as high as 9.5%. With Inflation currently at 7.5% (according to official numbers), it's no wonder that this opportunity for people to safeguard some of the value of their savings has been so popular. But now the SEC are cracking down.
As Erik Voorhees said:
BlockFi did nothing wrong; they harmed nobody. They built a great company that provides a service customers love. It's disgraceful that regulators are stealing $100m from them. The absurdity of penalizing an innovative company that offers 8% yield on the dollar while inflation ravages peoples' savings...
Originally appeared on Coindesk.tv
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