NJ Orders Crypto Co. Not To Sell Interest-Earning Products

Law360 (July 20, 2021, 7:46 PM EDT) -- The New Jersey Bureau of Securities said Tuesday it's ordered cryptocurrency company BlockFi Inc. to stop selling interest-earning cryptocurrency accounts that the agency alleges are actually unregistered securities.

In a cease-and-desist order issued Monday, Bureau Chief Christopher Gerold said BlockFi has been funding its lending operations and proprietary trading business since March 2019 through the sale of interest-bearing cryptocurrency accounts, called BlockFi Interest Accounts, or BIAs, that are not protected by or registered with any federal or state securities regulator.

A press release issued by the bureau Tuesday said the order comes "amid rising concerns over the proliferation of decentralized finance...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!