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SEC probes BlockFi as regulator mounts investigations across dozens of crypto firms, report says
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The US Securities and Exchange Commission is probing cryptocurrency lending platform BlockFi over its high-yield, interest-bearing accounts, Bloomberg first reported Wednesday.
The New Jersey-based firm has grown in popularity with such products. It offers accounts that let users earn annual yields as high as 9.5%, according to its website. In contrast, traditional savings accounts let holders earn a mere 0.06% annually. But unlike bank deposits, digital-asset savings accounts are not insured by the federal government.
Sources told Bloomberg that this is the heart of the SEC's investigation: to determine whether BlockFi accounts are similar to securities. If so, these products must then
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