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'A Warning Shot': Regulators Are Coming for the Massive Crypto Loan Industry
Three states issued regulatory actions against cryptocurrency savings and loans service BlockFi this week, with New Jersey, Alabama, and Texas each alleging that the firm is selling unregistered securities with its service that lets users earn interest on crypto holdings. BlockFi is one of the largest and best-known entities in the emerging multi-billion dollar crypto loan industry. Even as cryptocurrency enters the mainstream, the industry still feels like the Wild West in some ways. That’s true of wacky, experimental tokens and flagrant scam projects, but also regulation. Decentralized finance (DeFi) and ... (full story)