State financial regulators have reached out to cryptocurrency companies over their interest-paying business, Bloomberg has learned. While a survey conducted by Bankrate states that the national average interest rate for savings accounts is 0.06%, the crypto-related business offers over 7% APY on US dollar stablecoins.
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Bloomberg says spokespersons for regulators admitted they might take actions "similar to what they brought against BlockFi". However, it remains unclear which companies have been contacted by regulators.
As iHodl earlier reported, the New Jersey Bureau of Securities postponed the effective date of its previous order to September 30, 2021. All existing BlockFi Interest Account (BIA) clients, in New Jersey and worldwide, continue to have access to their accounts, and all other products, services, and assets on the BlockFi platform are unaffected, the firm said.
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