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Texas Is Third State This Week to Target BlockFi’s Bitcoin Savings Accounts – Decrypt

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Texas is the newest state wanting to crack down on beleaguered crypto lending platform BlockFi, in accordance to a discover revealed at present by the Texas State Securities Board.

State regulators have filed for a stop-and-desist towards BlockFi and two of its subsidiaries, BlockFi Lending and BlockFi Trading, over an alleged sale of unregistered securities.

At concern is an funding product known as the BlockFi Interest Account, which guarantees excessive returns in trade for banked cryptocurrency, akin to Bitcoin.

New Jersey was the primary state to go after BlockFi for its alleged dealings in unregistered securities, filing a cease-and-desist earlier this week. Just yesterday, Alabama regulators hit the company with a show-cause notice—primarily a menace, asking BlockFi to defend itself towards a possible stop-and-desist.

In a tweet yesterday, the corporate wrote that “the BlockFi Interest Account is not a security.”

A choose on the State Office of Administrative Hearings (SOAH) will determine in October whether or not BlockFi can proceed working in Texas.

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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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