Month: February 2022

Home / Month: February 2022

Cryptocurrency firm BlockFi reported last Monday that they will be paying $100 million to the U.S. Securities and Exchange Commission (SEC) and to 32 states. The settlement is related to Blockfi’s offer of crypto lending product called BlockFi Interest Accounts but without registering the retail crypto lending product with the SEC and in the 32 states. On top of the SEC violation, the Blockfi breached the registration provisions of the 1940 Investment Company Act.

About Blockfi’s Cryptocurrency Deposit-Lending Program

While the crypto firm agreed to pay SEC $50 million, while the other $50 million will be paid for similar charges in 32 states.

SEC Chair Gary Gensler mentioned how this was the first case regarding crypto lending platforms After the settlement, customers that are based in the U.S Blockfi will not be able to add interest to crypto accounts with BlockFi. Instead, existing clients can redeem interest in their existing real money holdings accounts but cannot deposit more in said assets.

The cryptocurrency firm announced how they are currently applying with SEC to offer a new crypto savings product named BlockFi Yield. They are planning to move their U.S clients to the new service unless they prefer not to. According to the company, their move gave the industry some clarity regarding regulations.

BlockFi presents itself as a bank-like platform for crypto users and is supported by Silicon Valley investor Peter Thiel. The product they offer allows their customers to earn interest on their digital currency holdings, which in turn will be used for lending.

They are promoting on their website how the yearly percentage reaches 9.25% which is higher compared to average savings rate offered by other financial institutions. According to BlockFi, they can offer as loans to large institutional investors who are inclined to pay higher interest rates just to acquire the crypto deposits

You are looking for a blockchain attorney to help you with Bitcoin and cryptocurrencies. But you are not sure which cryptocurrency lawyer is really experienced and therefore the right contact person.

Los Angeles multi-car accident attorney

Los Angeles multi-car accident attorney and the field of cryptocurrencies and blockchain

Not every lawyer is the ideal legal advisor for questions relating to Bitcoin and cryptocurrencies. This is because the topic of cryptocurrencies is new and still confusing for most lawyers.

Basically, you should therefore look for a lawyer who is particularly familiar with the subject. It is helpful if your lawyer has already gained relevant experience with cryptocurrencies himself as a private individual.

For example, it could be that your Los Angeles multi-car accident attorney is privately involved with the topic of blockchain. He should trade Bitcoin and other cryptocurrencies himself. As a result, he knows the crypto exchanges and trading venues.

Those who trade themselves have already had to deal with tax law issues for their own tax return and can therefore help clients from their own experience.

Furthermore, your lawyer should not only be privately involved with Bitcoin and cryptocurrencies but should have already successfully handled cases in this area. He or she should be able to communicate openly and honestly what his or her legal expertise and experience in this area looks like.

Los Angeles multi-car accident attorney: There is no specialist lawyer for blockchain or cryptocurrencies

Which law firm and which lawyers are really experienced with legal questions about cryptocurrencies?

After studying law, lawyers can acquire and certify special knowledge in a legal field by obtaining a specialist lawyer title.

Specialist lawyer titles are available, for example, in the areas of banking and capital market law, criminal law and tax law. Bitcoin and cryptocurrencies as a topic are definitely linked to these areas of law.

However, at the moment it is still the case that the specialist lawyer courses on banking and capital market law, criminal law and tax law. But, they do not focus on Bitcoin and cryptocurrencies or do not do so at all.

In this respect, these specialist lawyer titles do not yet say that the lawyer is actually experienced with Bitcoin and other cryptocurrencies.

However, it is more advantageous to contact a specialist criminal lawyer if there are criminal problems with digital currencies than to ask a family lawyer with such a question.

“Be Inspired By Meaningful Experiences…”

Meaningful experiences are valuable, and they come in all shapes and surprises..