Cedars Inn Auburn http://cedarsinnauburn.com/ Fri, 23 Jul 2021 06:58:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://cedarsinnauburn.com/wp-content/uploads/2021/04/cropped-cedars-32x32.png Cedars Inn Auburn http://cedarsinnauburn.com/ 32 32 Texas and Alabama regulators crack down on Blockfi’s interest bearing account product – Bitcoin News https://cedarsinnauburn.com/texas-and-alabama-regulators-crack-down-on-blockfis-interest-bearing-account-product-bitcoin-news/ https://cedarsinnauburn.com/texas-and-alabama-regulators-crack-down-on-blockfis-interest-bearing-account-product-bitcoin-news/#respond Fri, 23 Jul 2021 03:37:08 +0000 https://cedarsinnauburn.com/texas-and-alabama-regulators-crack-down-on-blockfis-interest-bearing-account-product-bitcoin-news/

In the wake of Blockfi’s problems with the New Jersey Bureau of Securities, the company now has problems in the state of Alabama. Alabama Securities Commission (ASC) director Joseph Borg explained on July 21 that he had issued a rationale to the company. Borg wants Blockfi to explain why the ASC shouldn’t copy the New Jersey cease-and-desist because regulators in Alabama also appear to believe they might be selling unregistered securities. Blockfi received another order from the Texas State Securities (TSS) Board for the same reason.

Alabama Securities Commission show cause order calls Blockfi accounts in unregistered securities, Texas joins crackdown

  • Alabama Securities Commission (ASC) director Joseph Borg told reporters on July 21 that Blockfi had received a formal show cause order. A show cause order is different from the stop and forbearance issued against Blockfi in New Jersey, because it gives the company an opportunity to explain whether the order is justified or not.
  • A press release from ASC Director Joseph Borg points out that the show cause order requires Blockfi to explain “why it should not be ordered to cease and desist selling unregistered securities in Alabama.” .
  • “There are thousands of entities registered with ASC, as required by law, to sell securities to residents of Alabama,” ASC director Borg said in the statement. hurry. “Most of the people registered to sell securities live outside of Alabama, but anyone offering securities must be registered before making an investment offer to an Alabama resident,” he added. .
  • Blockfi responded to the allegations and the show cause order. “We are aware of the show cause order issued by the Alabama Securities Commission,” Blockfi’s official Twitter account details. “We have active dialogues with regulators around the world, including those in Alabama, to share details about our products, which we believe are legal and appropriate for crypto market participants.”
  • “Our position has not changed – the Blockfi interest account is not a security,” the company added. stress.
  • The two orders from Alabama and New Jersey appear to indicate that regulators believe the Blockfi interest-bearing accounts are unregistered securities offerings. Both states also stress that aggressive regulatory measures are aimed at protecting retail investors.
  • As a result of Alabama’s show cause order, Texas became the third state to join the crackdown on Blockfi’s interest-bearing account (BIA) proceeds. The Texas State Securities (TSS) Board on Thursday released the order explaining that Blockfi’s product is not protected by the Securities Investor Protection Corporation (SIPC).
  • “BIAs are not protected by the Securities Investor Protection Corporation, also known as SIPC, a US non-profit, member-funded corporation created under the Securities Investor Protection Act of 1970 which requires the membership of most brokers registered in the United States. -resellers ”, notes the TSS order.
  • “The mere fact that an investment is tied to a cryptocurrency, blockchain technology, or type of digital asset does not remove it from securities regulations if it constitutes an investment contract, a note , proof of indebtedness or some other type of security, ”the TSS order adds. “Based on the information and allegations set forth herein, BIAs constitute investment contracts, notes or evidence of indebtedness regulated as securities within the meaning of Section 4.A of the Securities Act.

  • The head of OTC options trading at Kraken, Juthica Chou, asked why securities regulators are so aggressive. “Have state securities regulators always been so aggressive or are they just finding such easy and opportunistic targets in Robinhood and Blockfi”, Chou tweeted.
  • Blockfi also pointed out on July 19, after New Jersey’s cease and desist order, that a Blockfi Interest Account (BIA) is not a security. “BIA is not a stock, so we don’t agree with the New Jersey Bureau of Securities action,” the company said. noted at the time.
  • “ASC’s action comes amid growing concerns about the proliferation of decentralized financial platforms like Blockfi that seek to reinvent traditional financial systems such as banks and brokerage houses for digital asset investors,” explains the CSA press release.
  • “The Show Cause Order alleges that, despite advertising on its website that Blockfi is a” regulated entity in the United States, “Blockfi does not disclose to investors that its BIAs are not registered with the ASC or any other securities regulator, ”the ASC statement concludes.

What do you think of Blockfi’s problems with securities regulators? Let us know what you think of this topic in the comments section below.

Tags in this story

Alabama, Alabama Securities Commission, ASC, BIA, Bias, Blockfi, Blockfi CEO, BlockFi Interest Account, Bureau of Securities, Crypto Accounts, Cryptocurrencies, Cryptocurrency, Director Borg, Interest-Bearing, Joseph Borg, Juthica Chou, New Jersey, protect les investors, regulation, securities, texas, texas regulators, zac prince

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Auburn and Arkansas take the stage on final day of SEC Media Days https://cedarsinnauburn.com/auburn-and-arkansas-take-the-stage-on-final-day-of-sec-media-days/ https://cedarsinnauburn.com/auburn-and-arkansas-take-the-stage-on-final-day-of-sec-media-days/#respond Fri, 23 Jul 2021 01:31:00 +0000 https://cedarsinnauburn.com/auburn-and-arkansas-take-the-stage-on-final-day-of-sec-media-days/

HOOVER, Alabama (WAFB) – As the Big 12 hold an emergency meeting and Texas A&M talks about preventing Texas from joining the conference, the SEC Media Days have gone on for a year.

Two of those teams to close out the event were Auburn and Arkansas, one of which will face the LSU Tigers in their SEC home opener.

Bryan Harsin is the highly successful head coach of Boise State, who is looking to prove he can compete with the monstrous competition in the Southeastern Conference. Harsin is not a man at a loss for words. His opening statement in the Great Hall lasted over 16 minutes.

Auburn’s quarterback’s situation is interesting. LSU fans certainly weren’t happy when Bo Nix was named SEC Freshman of the Year in 2019 at the expense of Derek Stingley Jr. Then Nix’s sophomore year was often very difficult. Now former LSU quarterback TJ Finley has also been cast in the Auburn QB competition.

Arkansas head coach Sam Pittman has explained why he thinks he’s a Razorbacks.

It’s hard not to love him. He presents himself as a “salt of the earth” guy.

Pittman also spoke about the 2020 game against LSU, a game in which there was uncertainty just two days before it was played whether or not it actually took place.

The Razorbacks return nine starters on offense and 10 on defense for 2021.

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Sheriff’s golf and casino trip questioned in Alabama corruption lawsuit https://cedarsinnauburn.com/sheriffs-golf-and-casino-trip-questioned-in-alabama-corruption-lawsuit/ https://cedarsinnauburn.com/sheriffs-golf-and-casino-trip-questioned-in-alabama-corruption-lawsuit/#respond Thu, 22 Jul 2021 22:54:06 +0000 https://cedarsinnauburn.com/sheriffs-golf-and-casino-trip-questioned-in-alabama-corruption-lawsuit/

Sheriff Mike Blakely was golfing with two county commissioners and playing in a casino while he was supposed to attend sheriff training at a conference in Alabama, testimony revealed today.

Defense attorneys representing Blakely in his northern Alabama corruption case said the sheriff “networked” with the commissioners and was therefore still on official business.

“I don’t think it was networking,” said Steve Turner, a former county commissioner who stayed with the sheriff and other county officials at the casino. “I think it was us who were going to play golf.”

State prosecutors argue that the sheriff took a personal vacation at the Beau Rivage Resort in Biloxi, Mississippi, and the trip was funded, at least in part, by public funds.

Turner was one of two former County Commissioners who testified for the state today in downtown Athens, as the trial focused on the Limestone County Sheriff’s game and golf at 10 mandates. Despite being state witnesses, the two said they considered themselves friends of Blakely,

In August 2016, Blakely, Turner and other Limestone County officials traveled to Orange Beach to attend the annual conference hosted by the Association of County Commissions of Alabama.

Blakely and some of the other county officials arrived at the beach on Sunday August 14. They took part in a golf tournament the next day and walked through a vendor exhibit on Tuesday August 16. That afternoon they went to Biloxi.

Records presented to court earlier this week showed Blakely received $ 1,718.36 from the county law enforcement fund to pay for the trip to Orange Beach. A condo for Blakely and two of her office workers cost $ 1,418.36, according to records, and Blakely also received $ 300 in per diem.

Blakely is charged with 11 counts of theft and abuse of power. He is charged with one count of using his location for personal gain and one count of theft in connection with the trip to Biloxi. He is also accused of having used his position for personal gain by requesting a bank transfer of $ 1,000 from one of his employees while he was at the casino.

On the first night at the Mississippi casino, the sheriff lost $ 10,800 playing poker for just over an hour, according to casino records presented to the jury.. Michael Forrester, director of casino operations for MGM Resorts, told the jury that Blakely was playing intermittently until after 4 a.m.

When questioned by Blakely’s defense team, Forrester told the jury that gambling in a casino until the wee hours of the morning is not illegal.

“Did you know Mike Blakely won the lottery and received $ 975,000 about a month before he was in your casino? Asked Marcus Helstowski, one of the sheriff’s attorneys.

“No,” Forrester replied.

Forrester’s testimony did not indicate exactly how much money Blakely had won or lost at the casino.

Kyle Beckman, an assistant attorney general, asked Turner to describe Blakely’s behavior while playing in the casino on Tuesday and Wednesday of this week in August 2016.

“When I saw him, he was playing Mississippi stud,” Turner replied. “He was happy… he was like a kid in a candy store. “

On the morning of Wednesday, August 18, 2016, Blakely went golfing with Turner, County Commissioner Steve Black and Mark Yarbrough, who was at the time chairman of the county commission.

Meanwhile, at the conference in Alabama, a special day of training was set aside for sheriffs, including a session on county jail lawsuits, which sheriffs oversee.

Turner testified that Blakely could not have attended the sheriff training.

“I know he wasn’t there because he was playing golf with me,” Turner said.

Mark Yarbrough, the former chairman of the county commission, said Blakely gave each of the commissioners a token of $ 500 of their winnings.

Clark Morris, Assistant Deputy Attorney General, asked if Yarbrough believed it was a conflict of interest because county commissioners control the sheriff’s office budget. Yarbrough testified that he thought it was okay.

Yarbrough told the jury that he has known Blakely for five decades.

“I consider him a friend and I hope he feels the same for me,” Yarbrough said. “I have voted for him every time and I will do it again if he shows up.”

Yarbrough and Blakely are among several Limestone County officials who have been arrested or investigated for corruption in the past two years. Yarbrough is accused of identity theft and harassment for setting up a fake Facebook account to attack his political rivals. His case has not yet been tried.

Turner said he was also friends with Blakely.

“Did you have a racehorse with the sheriff?” »Asked a public prosecutor.

“Yes,” Turner replied.

Blakely, Turner, and a retired Sheriff’s Deputy bought the horse named Game Overtime in 2017. They no longer own it.

“I never saw the sheriff do anything wrong,” Turner said. “In all of my dealings with the sheriff, I never thought he was trying to cheat on me.”

When asked if he hopes the sheriff won’t be convicted, Turner replied, “I just hope the truth comes out, whatever it is.”

Blakely’s trial continues at 9 a.m. on Friday when state prosecutors call their 24th witness.

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Texas Alleges BlockFi Offers Unregistered Titles https://cedarsinnauburn.com/texas-alleges-blockfi-offers-unregistered-titles/ https://cedarsinnauburn.com/texas-alleges-blockfi-offers-unregistered-titles/#respond Thu, 22 Jul 2021 20:55:00 +0000 https://cedarsinnauburn.com/texas-alleges-blockfi-offers-unregistered-titles/

The Texas State Securities Board has filed a cease and desist order against crypto lender BlockFi for failing to offer state or federal licensed security.

According to a filing on Thursday, the state regulator will hold a hearing into allegations that BlockFi illegally finances its crypto lending and proprietary trading operations through the sale of unregistered securities. If the judge accepts that the platform’s accounts generating interest on the crypto represent unlicensed securities, BlockFi may be subject to a cease and desist order.

If the judge made the order during the October 13 virtual hearing, BlockFi and its affiliates BlockFi Lending and BlockFi Trading would likely be required to stop offering BlockFi interest accounts in the state without registering with them. ” a local regulator or the United States Securities and Exchange Commission. The record claims that BlockFi manages more than $ 691 million in assets from approximately 25,000 Texas residents as of June 9.

Related: Texas Wants To Protect Privacy Of Blockchain Companies, Says Blockcap

The State Securities Board’s Texas Enforcement Division informed BlockFi on April 20 that it may not be in compliance with the state’s Securities Act with its interest accounts. He alleged in today’s filing that the BlockFi Interest Accounts violated Section 4.A of the Securities Act, stating:

“The mere fact that an investment is tied to a cryptocurrency, blockchain technology, or type of digital asset does not remove it from securities regulation if it constitutes an investment contract, a note, proof of indebtedness or some other type of security. “

BlockFi is already facing a cease and desist order from the New Jersey Bureau of Securities preventing it from onboarding new interest account clients. Today, the Alabama Securities Commission also issued an order granting the platform 28 days to justify why it should not face similar regulatory penalties for allegedly selling unregistered securities in Alabama. . The lending platform has claims the BlockFI interest account is not a security.

Related: Texas regulator allows state chartered banks to hold Bitcoin

With the exception of BlockFi, Texas has generally been a welcoming state for crypto and blockchain companies. Governor Greg Abbott has spoken openly about his support for local crypto and blockchain laws, as lawmakers passed a bill to recognize cryptocurrencies under state commercial law in June.

In addition, the state is already home to some large crypto mining companies, including Riot Blockchain, Argo Blockchain, and Blockcap. Cointelegraph reported last month that miners displaced by regulatory crackdown in China may turn to Texas given the state’s cheap electricity costs.