Alabama Issues Show Cause Order to BlockFi
15 min ago•1 min read•Regulation
The Alabama Securities Commission asked BlockFi to show why it should not be required stop selling unregistered securities in the state.
The commission alleges that BlockFi has funded cryptocurrency lending and proprietary trading at least in part through the sale of unregistered securities. BlockFi Interest Accounts (BIAs) are not registered with the regulator, the commission said Wednesday. The company has 28 days to respond. In a tweet, BlockFi said it believes its products are lawful and appropriate and that BIAs are not securities.