BlockFi Moves to Register Lending Product With SEC

The company said Monday it plans to register its controversial high-yield interest account.

AccessTimeIconFeb 14, 2022 at 4:11 p.m. UTC
Updated May 11, 2023 at 7:12 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

BlockFi will register its high-yield crypto lending product with the U.S. Securities and Exchange Commission (SEC) as part of a $100 million settlement over the controversial offering.

The crypto lender said Monday it intends to confidentially file a draft registration statement with the SEC for a new crypto lending product called BlockFi Yield. Doing so would be the first formal step in a bureaucratic slog toward offering a registered securities product to the public.

The S-1 announcement came in tandem with official confirmation of BlockFi’s $100 million fine. BlockFi will pay the SEC $50 million and an additional $50 million to 32 states to settle allegations that its flagship BlockFi Interest Account (BIA) was an unregistered security.

BlockFi cooperated with the government’s investigation and implemented remediation actions, according to an SEC press release. Both the SEC and state-level agreements contain no admission or denial of wrongdoing or liability.

“This is the first case of its kind with respect to crypto lending platforms,” SEC Chair Gary Gensler said in a statement. “Today’s settlement makes clear that crypto markets must comply with time-tested securities laws.”

Existing BIA clients in the U.S. will continue to receive interest payments but cannot add more crypto to their accounts as of today, the company said in a statement. Those accounts will automatically roll over into BlockFi Yield once the registration process is complete.

CORRECTION (Feb. 14, 16:20 UTC): Removes mention of public listing. The S-1 filing is specific to BlockFi Yield, not plans for a stock offering.

UPDATE (Feb. 14, 16:28 UTC): Adds Gensler comment.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about