The New Jersey Bureau of Securities (NJ BOS) has once again postponed the date by when it will enforce a ban on the creation of BlockFi Interest Accounts (BIAs), BlockFi announced on Twitter on Wednesday.

The ban was initially supposed to go into effect on July 22 and then was delayed until Sept. 2. There was a second delay to Sept. 30, announced earlier this month. The ban has now been postponed yet again, this time to Dec. 1, following “ongoing discussions” between the two parties, BlockFi said.
BlockFi said it is in “active dialogue with regulators” and “firmly believes that it is lawful and appropriate for crypto market participants.”
The company said the order is not currently in effect and has no impact on its current BIA clients or those of any of its other products.

What's Driving the Resurgence of the Ronin Blockchain?

01:11

Why USDT Dominates Supply With Lower Transaction Volume

02:03

ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares; Consensys Files Lawsuit Against the SEC

01:15

Bitcoin Was 'Much More International,' Kara Swisher Says

01:55

Morgan Stanley May Allow Brokers to Pitch Bitcoin ETFs; 'Buy Bitcoin' Sign Auctioned for Over $1M

The N.J. BOS has said the BIAs are equivalent to unregistered securities, while BlockFi has argued they are not.
BlockFi is facing similar scrutiny of its interest-bearing crypto accounts from Kentucky, Vermont, Texas and Alabama. BlockFi has said before that it is in “active dialogue with multiple regulators” regarding the accounts.

UPDATE (Sept. 22, 15:55 UTC): Updated with additional background in fourth and fifth bullet points, and adds this is the third extension in the first bullet point.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

30

21

45

05

BlockFi Gets Another Extension From NJ Regulators on New Interest Accounts Ban

An order prohibiting the crypto lender from creating new interest-bearing accounts has now been postponed for the third time to Dec. 1.

What's Driving the Resurgence of the Ronin Blockchain?

10 Years of Decentralizing the Future

What's Driving the Resurgence of the Ronin Blockchain?