States Act Against Celsius Network for Unregistered Products (bloomberg.com) 20
States on Friday took action against Celsius Network, accusing the company, which purports to be one of the world's largest cryptocurrency lenders, of offering residents unregistered securities. From a report: Texas filed a notice seeking a hearing to determine whether to issue a cease and desist order against the company. The action means Celsius will have to show why it shouldn't be ordered to stop offering its products to state residents. The hearing is scheduled for February 14. Separately, New Jersey ordered Celsius to stop offering some of its products, which it also described as unregistered securities, effective November 1.
The moves against Celsius come on the heels of similar actions against New Jersey-based competitor BlockFi taken by states including New Jersey, Texas and others in July, and in the week after Coinbase Global Inc. disclosed that the Securities and Exchange Commission had threatened to sue it if it offered its own yield product to depositors. Celsius had more than $24 billion in "community assets" at the beginning of September, the company said, which would make it one of the world's largest crypto lenders and interest-account providers, if not the largest. The company offers customers a yield of nearly 9% for deposits of U.S.-dollar stablecoins, such as Tether and USD Coin, as much as 6.2% for Bitcoin, and varying rates of interest on other cryptocurrencies.
The moves against Celsius come on the heels of similar actions against New Jersey-based competitor BlockFi taken by states including New Jersey, Texas and others in July, and in the week after Coinbase Global Inc. disclosed that the Securities and Exchange Commission had threatened to sue it if it offered its own yield product to depositors. Celsius had more than $24 billion in "community assets" at the beginning of September, the company said, which would make it one of the world's largest crypto lenders and interest-account providers, if not the largest. The company offers customers a yield of nearly 9% for deposits of U.S.-dollar stablecoins, such as Tether and USD Coin, as much as 6.2% for Bitcoin, and varying rates of interest on other cryptocurrencies.
crypto needs to be covered by banking laws! (Score:1)
crypto needs to be covered by banking laws!
Re: (Score:2)
you think applying banking law to cryptocoin is "nonsense", you say? Yet many governments and banking institutions are saying same thing. Maybe it's not nonsense but an idea you don't like. Whine harder.
Just curious (Score:3)
Just a quick question. Is anyone here actually using crypto for purchase? Are you using it for investment? Like I did the whole crypto there for awhile back when Newegg first started taking it, but after a bit of buying things with it, it just got really tedious compared to just say, using regular dollar-doos.
Did buying things with it get easier or is it still the same hassle? Is it just YOLO investment? I'm just honestly curious if people are actually using crypto and if so how they're using it. And not in any need for FBI agent level of detail. I didn't really think crypto was all that, but you know it's still around so I'm guessing people enjoy it for some reason. I'm just curious as to what that reason might be for people.
Re: (Score:2)
Really? Do you like posting troll on Slashdot? I mean this isn't exactly the most trafficked site on the Internet, so it's not like you're getting a big showy audience. So why even waste the time typing it out when you know you're just going to be modded into oblivion and then nobody will see it? Are you really that angry at the left or something or that starved for attention? I just don't understand the obvious trolling. It's not even witty trolling, like it's not clever or anything. Like I enjoy ev
Re: (Score:2)
And did any of the Dutch ever plant their precious tulip bulbs?
They deserve it (Score:3)
Should have named their company 'Fahrenheit'.
These guys are in trouble (Score:2)