I wanted to share a quick update with you to make sure you had the latest facts regarding the regulatory news from last week.
From when Flori and I started BlockFi, we have had ongoing discussions with regulators as crypto is a new area for many and we knew there would be questions. We’ve said time and again that the key to our industry’s success is appropriate regulation. Ultimately, we see this as an opportunity for BlockFi to help define the regulatory environment for our ecosystem.
BlockFi has a multi-faceted retail and institutional business, but the recent regulatory focus has been on the BlockFi Interest Account (BIA). We have been engaged in a productive discourse with regulators to protect your interests and expand accessibility to innovative financial solutions for all. This is our commitment to you -- to fight for your rights to earn interest on your crypto assets.
One update I want to share with you following these discussions is that the New Jersey Bureau of Securities (NJ BOS) has further postponed the effective date of its previous order to Thursday, September 2, 2021.
While the NJ BOS’s order calls for preventing the creation of all new BIAs, it has no impact on current BIA clients or any of our other products. Rest assured, your access to BlockFi is completely unimpaired. We are fully operational for all of our existing clients worldwide, and you will continue to have access to all products, services, and assets on BlockFi.
I want to extend a huge thank you for your confidence in us, and we will keep you informed as this process evolves.
- Zac Prince, BlockFi Founder and CEO