BlockFi set to pay $100 million to settle with SEC and state regulators over sketchy lending services

Bloomberg reported that BlockFi is preparing to pay $100 million to settle allegations from the Securities and Exchange Commission (SEC) and state regulators that it provided a service allowing people to loan their cryptocurrencies to others in exchange for high interest rates. BlockFi will also not be allowed to provide new high-yield accounts to most Americans following the settlement. BlockFi is only one of several crypto firms, including Celsius, Gemini, and Voyager Digital Ltd., who are facing scrutiny from regulators over concerns of unregistered securities sales.