Tuesday April 5, 2022 – With Cryptocurrency going mainstream, the regulators are trying figure out exactly what is permissible and what is not.
BlockFi is platform that offers bank-like services. BlockFi’, hoped to expand the reach of traditional banking services. using a Cryptocurrency account, BlockFi offered an interest-bearing account where you can earn up to 9.25% APY.
The SEC stepped in and required BlockFi to adhere to the existing securities structure – something BlockFi was not doing. The SEC leveled a hugh $100 Million Fine against BlockFi, because, according the SEC – these accounts were securities and, therefore must be either to be registered as a security or exempt from registration.
Attorney Steven A. Leahy reports on the BlockFi case, and the largest cryptocurrency civil forfeiture filings in US history.
https://www.engadget.com/doj-seizes-34-million-of-crypto-from-the-dark-web-seller-215005062.html
https://www.entrepreneur.com/article/423948
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649