Texas regulators alleged on Thursday that BlockFi’s Interest Account (BIA) product is a security under state rules in the latest blow to the crypto lender’s business model. The Texas State Securities Board (TSSB) filed for a cease-and-desist against BlockFi, BlockFi Trading and BlockFi Lending, hoping to secure a judge’s sign-off after an October hearing, CoinDesk has learned. The filing gives BlockFi a chance to formally respond to the allegations, but the company is allowed to continue operations until the hearing. “This legal action affords BlockFi and its affiliates the opportunity to respond to our allegations ... (full story)