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❕NEWS Celsius (CEL) got SEC order to stop promoting Interest accounts in Kentucky

ElPaule

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SEC and State regulators form Kentucky - the Department of Financial Institutions Division of Securities issued a order to stop all activities for interest-earning accounts in the state of Kentucky.

This order comes with a broader regulation on cyrpto borrowing and lending businesses in the state but is the first known order against a crypto service. Similar orders has been issued in other states against BlockFi.

This states are not cracking down crypto in general but some of the business ideas that in FIAT world are also strongly regulated.
 

Niftyicon

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Interest earning accounts in cryptocurrencies are quite common features of many exchanges that offer flexible savings and locked savings for various coins. How will this type of regulation affect those other platforms?
 

ElPaule

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Interest earning accounts in cryptocurrencies are quite common features of many exchanges that offer flexible savings and locked savings for various coins. How will this type of regulation affect those other platforms?
I guess that the SEC and state regulators going one by one to each exchange that offers services in the geographical area of the legislators.
 

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I guess that the SEC and state regulators going one by one to each exchange that offers services in the geographical area of the legislators.
I guess we would have to wait and see how things would eventually play out especially for those exchanges under the SEC jurisdiction.
 

ElPaule

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I guess we would have to wait and see how things would eventually play out especially for those exchanges under the SEC jurisdiction.
yeah thats the decicion by the SEC at the end but if they rule against one exchange and let another do same business they exchanges might sue them. It is a complex story - but you're absolutely right we have to see how things play out
 

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Or maybe they are trying to prevent fraud that might take place through borrowing or they want interest earning through crypto to stop so people would save in the bank to get interest
 

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