(2022)
SEC v. BlockFi
Year
2022
Criminal or Civil
Civil
Year Resolved
2022
Jurisdiction (Court/State)
SEC Administrative Proceeding (Federal – U.S. jurisdiction)
Filed By
Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
$100 million ($50M to SEC, $50M to 32 states)
Lawsuit Overview
The SEC charged BlockFi Lending LLC for offering unregistered crypto lending products (BlockFi Interest Accounts) and operating as an unregistered investment company. BlockFi agreed to pay $100 million in penalties and cease the product’s offering, while working toward compliance with the Investment Company Act.
Category
Unregistered Securities Offering, Investment Company Act Violation
Notable Individuals Involved
Gary Gensler (SEC Chair)
Gurbir S. Grewal (SEC Enforcement Director)
Hane L. Kim, Lara Shalov Mehraban, Kristina Littman (SEC supervision)
Investor Loss Estimate
Not explicitly quantified in SEC documents; damages mitigated through settlement and compliance requirements
Final Outcome
Settlement; cease-and-desist order issued, product offering halted, registration and compliance efforts initiated
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