Although it might not seem likely that BlockFi CEO Zac Prince would be able to describe a prosecution, resulted in a $100-million fine for his company as “a win not only for BlockFi but for the broader cryptocurrency industry,” but that is indeed what he said. He might actually be correct, but it is still to be determined.

Settlement

BlockFi was founded in 2017 and is New Jersey’s crypto financial institution. It has 850 employees worldwide, as well as one million customers. On July 20, 2021, the Securities and Exchange Commission and 32 states attorneys general issued an order to cease and desist the popular BlockFi interest account product. It has half a million customers, 407,000 of which are in America. A statement at that time by the NJ Attorney General’s Office Alleged that BlockFi was “selling unregistered securities in the form of interest-earning cryptocurrency accounts that have raised at least $14.7 billion worldwide.”

The first past the post

Rocky climb to compliance