Fined $100 MILLION for... having a popular product?
02/16/22 • 9 min
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BlockFi is being forced to pay a $100 million settlement with the SEC and state regulators for offering people high yield on their accounts. They've been under investigation since the end of last year for offering earnings as high as 9.5%. With Inflation currently at 7.5% (according to official numbers), it's no wonder that this opportunity for people to safeguard some of the value of their savings has been so popular. But now the SEC are cracking down.
As Erik Voorhees said:
BlockFi did nothing wrong; they harmed nobody. They built a great company that provides a service customers love. It's disgraceful that regulators are stealing $100m from them. The absurdity of penalizing an innovative company that offers 8% yield on the dollar while inflation ravages peoples' savings...
Originally appeared on Coindesk.tv
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BlockFi is being forced to pay a $100 million settlement with the SEC and state regulators for offering people high yield on their accounts. They've been under investigation since the end of last year for offering earnings as high as 9.5%. With Inflation currently at 7.5% (according to official numbers), it's no wonder that this opportunity for people to safeguard some of the value of their savings has been so popular. But now the SEC are cracking down.
As Erik Voorhees said:
BlockFi did nothing wrong; they harmed nobody. They built a great company that provides a service customers love. It's disgraceful that regulators are stealing $100m from them. The absurdity of penalizing an innovative company that offers 8% yield on the dollar while inflation ravages peoples' savings...
Originally appeared on Coindesk.tv
To support NBTV, visit https://www.nbtv.media/support
(tax-deductible in the US)
Sign up for the free CryptoBeat newsletter here:
https://cryptobeat.substack.com/
Beware of scammers, I will never give you a phone number or reach out to you with investment advice. I do not give investment advice.
Visit the NBTV website:
https://nbtv.media
Previous Episode
CIA Mass Surveillance, Tracking Crypto Transactions, Inflation, & a bill to ban E2EE!
1 RecommendationsTOP STORIES:
Inflation hits 7.5%
Bull Market Again?
Hungary Wants EU Crypto Ban
How Private Are Your Crypto Transactions?
CIA Secret Surveillance Program
EARN IT Bill is BACK
Huge news: CIA's bulk surveillance program revealed, and the insidious EARN IT bill that Snowden called a "disgrace", passed unanimously.
The biggest crypto news this week was the couple who were arrested for allegedly laundering $4.5billion from the 2016 Bitfinex hack. But the most interesting part of the story was how the government was able to trace these funds through dark market accounts, in and out of bitcoin and into privacy coins.
We chat to a chain analytics expert about how this was possible, and the data that is leaked every time we transact in crypto.
Thanks to our special guests:
Wendy O:
https://www.youtube.com/c/CryptoWendyO
Lorne:
https://twitter.com/Lornestar
00:00 YT Cracker - Bitcoin Barron
01:33 Show Intro
03:18 WendyO Inflation Hits 7.5%
07:19 WendyO Bull Market Again?
09:45 Wendy O Hungary Wants EU Crypto BAN
14:07 Lorne Lantz How Private Are Your Crypto Transactions?
26:13 Get Off My Digital Lawn Intro
26:40 CIA Secret Surveillance Program
32:38 EARN IT Bill Is Back
36:54 Naomi Responds To Twitter
Brought to you by NBTV members: Sam Ettaro, Will Sandoval, Ogar, and Naomi Brockwell
To support NBTV, visit https://www.nbtv.media/support
(tax-deductible in the US)
Sign up for the free CryptoBeat newsletter here:
https://cryptobeat.substack.com/
Beware of scammers, I will never give you a phone number or reach out to you with investment advice. I do not give investment advice.
Visit the NBTV website:
https://nbtv.media
Next Episode
Child Surveillance, & Google's new "privacy" plans aren't so private
A shocking new plan to chill freedom of speech in Fairfax County Public Schools. We dive into the details with special guest Asra Nomani, VP at PDE (Parents Defending Education).
Today's Privacy News:
00:00 Preroll
00:52 Intro
02:23 Google's privacy plans: how private are they REALLY?
07:14 Meta sued for BILLION for collecting Biometics
09:27 Fairfax School Mass Surveillance Program
34:00 Final thoughts
Google’s new privacy plans aren’t that private
Meta sued for BILLIONS for privacy violations
Fairfax Child Surveillance Program: Social media data collection/analysis, creating a treasure trove of information about students
Brought to you by NBTV members: Sam Ettaro, Will Sandoval, Ogar, and Naomi Brockwell
To support NBTV, visit https://www.nbtv.media/support
(tax-deductible in the US)
Sign up for the free CryptoBeat newsletter here:
https://cryptobeat.substack.com/
Beware of scammers, I will never give you a phone number or reach out to you with investment advice. I do not give investment advice.
Visit the NBTV website:
https://nbtv.media
#privacy #freedomofspeech #Biometrics #google #meta
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