BlockFi Lending will pay $100M in fines to the Securities and Exchange Commission and state regulators over failing to register the offers and sales of its high-interest crypto lending product, according the SEC's release Monday. In the wake of widespread regulatory scrutiny weighing on the emerging $2T crypto market, the SEC also charged BlockFi with violating registration provisions of the Investment Company Act of 1940, the SEC noted. BlockFi has agreed to settle the SEC's charges with a $50M penalty, in addition to ending its unregistered offers and sales of the lending product, BlockFi Interest Accounts, and attempt to bring its business within the provisions of the Investment Company Act within 60 days. BlockFi’s parent company intends to register under the Securities Act of 1933 the offer and sale of a new lending product. In tandem, BlockFi agreed to pay an additional $50 million in fines to 32 states to
