SEC, states hit crypto lender BlockFi with $100M penalty

The SEC accused BlockFi of defrauding investors and selling billions of dollars in unlicensed investment products over the last three years.

The Securities and Exchange Commission and 32 states said Monday that cryptocurrency startup BlockFi will pay $100 million to settle charges that it operated an illegal lending business, in what officials called a first-of-its-kind crackdown in digital asset trading.

The SEC said its $50 million piece of the settlement was the agency’s biggest penalty yet against the fast-growing cryptocurrency industry, which is the subject of growing scrutiny from lawmakers and regulators. The SEC announced the settlement the morning after a Super Bowl broadcast that

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