{"id":49427,"date":"2021-09-14T15:24:53","date_gmt":"2021-09-14T12:24:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49427"},"modified":"2025-09-02T12:36:24","modified_gmt":"2025-09-02T09:36:24","slug":"blockfi-chief-says-crypto-lending-will-survive-regulatory-pressure","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/blockfi-chief-says-crypto-lending-will-survive-regulatory-pressure\/","title":{"rendered":"BlockFi chief says crypto lending will survive regulatory pressure"},"content":{"rendered":"<p>BlockFi chief executive Zac Prince expressed confidence that crypto-lending services would survive despite regulators&#8217; pressure at the state level. The remarks were reported by <a href=\\\"https:\/\/www.coindesk.com\/business\/2021\/09\/13\/blockfi-ceo-wants-sec-to-weigh-in-on-crypto-lending\/\\\">CoinDesk<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>According to Prince, the sector needs clear regulatory rules from federal authorities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are not going to decide what type of lending services are classified as lending based on what New Jersey or Texas does. It all depends on federal regulators like <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> or <span data-descr=\"Office of the Comptroller of the Currency (OCC), within the U.S. Treasury\" class=\"old_tooltip\">OCC<\/span>, which will pave the way for this kind of activity,\u201d he said at the SALT conference organized by SkyBridge Capital.<\/p>\n<\/blockquote>\n<p>Prince emphasised that his company\u2019s interest-bearing accounts services do not fall under securities laws, while regulators in several states insist otherwise.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cClarity must be at the national level,\u201d said BlockFi CEO.<\/p>\n<\/blockquote>\n<p>He also said that crypto loans are needed by American consumers and benefit the broader digital asset market. The BlockFi chief expressed the view that the United States should become a leader in the industry, even if that takes time.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI think we are currently having a constructive dialogue,\u201d Prince commented on the regulator engagement process.<\/p>\n<\/blockquote>\n<p>As a reminder, in July the New Jersey Bureau of Securities <a href=\"https:\/\/u1f987.com\/en\/news\/regulator-bars-blockfi-from-opening-new-accounts-for-new-jersey-residents\">forbade<\/a> BlockFi from opening new accounts for state residents. In the same month, Alabama regulator <a href=\"https:\/\/u1f987.com\/en\/news\/alabama-regulator-accuses-blockfi-of-selling-unregistered-securities\">accused<\/a> the company of selling unregistered securities. Soon <a href=\"https:\/\/u1f987.com\/en\/news\/vermont-regulators-launch-probe-into-blockfis-activities\">became known<\/a> about BlockFi activity inspections by Vermont regulators. <a href=\"https:\/\/u1f987.com\/en\/news\/former-cftc-chief-steps-down-from-blockfi-board\">left<\/a> the BlockFi board.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BlockFi CEO Zac Prince expressed confidence that crypto lending services would survive despite regulatory pressure at the state level.<\/p>\n","protected":false},"author":1,"featured_media":49428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436,1097,1138,36],"class_list":["post-49427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi","tag-lending","tag-opinions","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49427"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49427\/revisions"}],"predecessor-version":[{"id":49429,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49427\/revisions\/49429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49428"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}