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Striking how BlockFi's official announcement reads compared to the SEC's statement: https://blockfi.com/regulatory-developments/ https://blockfi.com/regulatory-

by shafyy 5y ago

Striking how BlockFi's official announcement reads compared to the SEC's statement: https://blockfi.com/regulatory-developments/ https://blockfi.com/regulatory-developments/ Zac Prince, CEO and Founder of BlockFi, said: “From the day we started BlockFi, we have always known that strong engagement with regulators would be critical for the adoption of financial services powered by cryptocurrencies. Today’s milestone is yet another example of our pioneering efforts in securing regulatory clarity for the broader industry and our clients, just as we did for our first product – the crypto-backed loan. We intend for BlockFi Yield to be a new, SEC-registered crypto interest-bearing security, which will allow clients to earn interest on their crypto assets.”

celticninja 5y ago
Company spins news to make itself look good. Nothing new here, definitely nothing unique to cryptocurrency companies.
- discodave 5y ago
  Do you have any examples of non-crypto companies trying to spin a $100MM fine as "pioneering efforts in securing regulatory clarity"? I know companies spin, but this is next level.
  - freemint 5y ago
    It spins so hard, if you attached an electric generator you could power all the bitcoin miners. /Joke
  - celticninja 5y ago
    "By adopting the reforms embodied in the settlement, Merrill Lynch is setting a new standard for the rest of the industry to follow," Spitzer said. This was in relation to a $100m fine for Merrill Lynch. https://products.kitsapsun.com/archive/2002/05-22/0054_merrill_lynch__company_to_pay__10.html https://products.kitsapsun.com/archive/2002/05-22/0054_merri... This took a whole minute to Google, comment and attribute/source. So it's pretty disingenuous of you to act like this is cryptocurrency specific behaviour when in fact it is standard behaviour for all companies who are fines. I'm not saying it is right but it is hardly a novel approach to dealing with an SEC fine.

by shafyy 5y ago

celticninja 5y ago

Company spins news to make itself look good. Nothing new here, definitely nothing unique to cryptocurrency companies.

discodave 5y ago
Do you have any examples of non-crypto companies trying to spin a $100MM fine as "pioneering efforts in securing regulatory clarity"? I know companies spin, but this is next level.
- freemint 5y ago
  It spins so hard, if you attached an electric generator you could power all the bitcoin miners. /Joke
- celticninja 5y ago
  "By adopting the reforms embodied in the settlement, Merrill Lynch is setting a new standard for the rest of the industry to follow," Spitzer said. This was in relation to a $100m fine for Merrill Lynch. https://products.kitsapsun.com/archive/2002/05-22/0054_merrill_lynch__company_to_pay__10.html https://products.kitsapsun.com/archive/2002/05-22/0054_merri... This took a whole minute to Google, comment and attribute/source. So it's pretty disingenuous of you to act like this is cryptocurrency specific behaviour when in fact it is standard behaviour for all companies who are fines. I'm not saying it is right but it is hardly a novel approach to dealing with an SEC fine.