In the words of Flori Marquez, Co-Founder and COO of BlockFi, “We are delighted to share that U.S. clients verified as accredited investors will soon be able to earn interest on digital assets at BlockFi.”
Earlier, the SEC accused BlockFi of providing unregistered securities in the form of its crypto yield accounts. As a result, BlockFi agreed to pay $50M to the SEC and another $50M to regulators from 32 states as a settlement in February. Moreover, the platform suspended its BlockFi Interest Accounts (BIA) in the US and began pursuing registration with the SEC for a new lending product.
Now, BlockFi has announced its plans to provide interest-bearing crypto accounts for US-based accredited investors. The product, titled ‘BlockFi Yield’ will be exempted from the Securities Act of 1933 under Rule 506(c), with Marquez noting,
“We are definitely continuously working with our regulatory counterparts to provide BlockFi yield to all consumers in the U.S., because we do believe that U.S. consumers have a right to earn interest.”
In its blog post, the lending firm claimed that BlockFi Yield will allow investors to trade and earn interest on 15 crypto tokens. These interest accounts will have zero minimum investment requirements.
BlockFi will begin rolling out the beta version of this product for select US clients by the end of 2022. Moreover, BlockFi Yield accounts will be made available to all verified users residing in the US starting in early 2023.
