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Alabama Issues 'Show Cause' Order to BlockFi
The Alabama Securities Commission alleges that BlockFi has funded cryptocurrency lending in part through the sale of unregistered securities.
BlockFi is under fire from a second U.S. state over concerns its interest-bearing crypto accounts may be unregistered securities.
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- Late Wednesday, the Alabama Securities Commission asked crypto lender BlockFi to show why it should not be required to 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 that it believes its products are lawful and appropriate and that BIAs are not securities.
Read more: NJ Regulators Give BlockFi 1 Week Before Blocking New Interest Accounts
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
