Crypto Lender BlockFi to Register Crypto Interest-Bearing Securities with SEC

Crypto lender BlockFi has announced that it plans to file a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to provide BlockFi Yield (BY), which is expected to be the first to be registered with the SEC. Encrypted interest-bearing securities. As part of this resolution, existing U.S. BlockFi Interest Account (BIA) customers will maintain their accounts and earn interest as usual, but will not be able to add new assets to their accounts as of February 14, 2022. Additionally, US users cannot open new BIAs. After the SEC completes the BlockFi Yield registration process, U.S. customers’ BIAs will be converted to BlockFi Yield, unless otherwise instructed by the customer. The BIA of BlockFi customers outside the United States is not subject to this resolution. As previously reported, BlockFi has reached a $100 million settlement with the SEC over its BIA product and plans to bring its business into compliance with the Investment Company Act within 60 days. (coindesk)