ICYMI: California regulator is investigating firms that offer crypto interest accounts
indicated state regulators in Texas and Alabama were expanding investigations into Celsius and Voyager.
In its notice, the regulator pointed to recent actions the DFPI took against crypto lenders BlockFi and Voyager Digital, saying these cases found that certain crypto-interest accounts constituted unregistered securities. The purpose of registration, according to the DFPI, is to make adequate disclosures to investors. Now, it's looking into whether other firms may be on the hook for the same violations.
"The Department warns California consumers and investors that many crypto-interest account providers may not have adequately disclosed risks customers face when they deposit crypto assets onto these platforms," said the notice."Crypto-interest account providers are not governed by the same rules and protections as banks and credit unions, which are required to have deposit insurance.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Aislinn Keely joined The Block as a reporter intern in the summer of 2019. She previously helmed her college newspaper, The Fordham Ram, as its editor-in-chief. There, she covered university life and money.
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