The United States Securities and Exchange Commission (SEC) would be monitoring three companies that provide interest payment services on deposits with bitcoin (BTC) and other cryptocurrencies.
The companies under the scrutiny of the regulator would be Celsius, Voyager Digital and Gemini. The SEC would be after the companies, because the financial tools they offer can be considered securities (securities) and for this they must register with the control body, according to reported the Bloomberg agency.
Apparently, one of the things that has aroused the interest of regulators has to do with the high returns offered by the companies’ services.
Until now, the SEC has not filed charges against any of the three companies. Both Celsius and Voyager Digital and Gemini assured that they are cooperating with the authorities in the investigation.
The government agency’s action goes hand in hand with statements made by SEC Chairman Gary Gensler in August 2021. At the time, he said his interest in the cryptocurrency industry is “protecting investors.”
“If anyone wants to speculate, that’s their choice, but we have a duty as a nation to protect investors from fraud,” Gensler added.
Regulators believe that companies they are not doing enough to warn about the risks that implies investing in these financial tools.
In September of last year, the SEC threatened to investigate the bitcoin and cryptocurrency exchange Coinbase, when it reported that they were going to launch a loan program on deposits of the stablecoin USD Coin (USDC), as reported by CriptoNoticias.
Of the companies investigated, two are located in the United States, as is the case with Voyager Digital and Gemini. While Celsius is located in the UK and does not serve US citizens.
Blockfi, a company banned in several US states
Like the companies mentioned in this text, the company that offers financial services with crypto assets, Blockfi, is one of those that has received more severe restrictions by the SEC.
In 2021, the states of New Jersey, Alabama, Texas, and Vermont banned the company from offering cryptocurrency savings accounts nor add new clients, a fact reported by CriptoNoticias.
The savings accounts that BlockFi offered were considered securities (securities) and the firm did not have permits to provide these services, a measure that is still in force in those states.
This is something to alert Celsius, Voyager Digital and Gemini, because if the SEC determines that they offer securities, they could carry sanctions similar to those imposed on BlockFi.