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April 27, 2022
Crypto Firms Seek Clearer U.S. Rules on Their Interest-Bearing Products
Reuters
Cryptocurrency companies said they remain unsure of U.S. regulations governing products that allow customers to earn interest on holdings instead of trading them, months after BlockFi agreed to pay $100 million in a landmark settlement with the U.S. Securities and Exchange Commission and state authorities who said its interest-bearing product qualifies as a security and should have been registered.
Richard Levin, partner and chair of the Fintech and Regulation Practice at Nelson Mullins, told Reuters in an interview that several crypto companies are exploring limiting their offerings so they would be clearly exempt under the SEC regulation rules.
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Caroline Balchunas
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