United States reduces Celsius Network production yields

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The most important marketplace in the market is how well Wall Street’s positive ideas respond. We are saved on the weekend.

Officials in New Jersey and Texas want to take action against the cryptocurrency group Celsius Network for reassuring them that they are issuing unregistered licenses, while regulators threaten those who provide electronic lending services.

United States Office of the New Jersey Attorney-General Friday ordered the company to stop offering interest-bearing products through a stop-and-leave system. Texas authorities filed a file for notice seeking a hearing in February to see if he could do the same.

Both said accounts of the company’s interest in the company, called Celsius Earn, are the ones that offer unregistered shares.

A New Jersey regulator added that the company “paid for cryptocurrency borrowing and other shares” by selling these securities, which he said made more than $ 14bn of Celsius, based in Hoboken, New Jersey.

“Financial companies operating in the cryptocurrency market have known,” Andrew Bruck, the state’s attorney general, said Friday. “If you sell security in New Jersey, you must comply with New Jersey security rules. Companies that use financial resources cannot be protected. ”

Crypto platforms that specialize in electronic content are included won fame thanks to the abundant harvest you have given. Celsius, one of the lenders with more than 100,000 U.S. accounts, announces an 8.8% annual interest rate on digital currency deposits built in US dollars, along with other tokens.

Crypto lending services are now facing corrective side effects. Organizations in five countries – Alabama, Kentucky, New Jersey, Texas and Vermont – are following suit actions against BlockFi, a lending group that has earned $ 14.7bn in interest-bearing accounts. BlockFi denies this.

Coinbase, the largest cryptocurrency platform in the US, revealed last week that the US Securities and Exchange Commission owned warned that it would sue the company when it follows its borrowing ideas, the new digital economy releases its own.

Meanwhile, Gary Gensler, chairman of the SEC, told a Senate committee Tuesday that crypto markets lacked consumer protection, “especially lending”, as the bipartisan power of many laws in the industry collects steam.

Governments and corporations argue that these financial incentives can be interpreted as a “trade agreement”, making them more secure and requiring donors to register and register additional services.

But many in the crypto community reject the definition, saying regulators do failed to provide sufficient information in this case.

In an interview with the Financial Times last week, Alex Mashinsky, Celsius’ chief executive, said he was “confident” that nothing Celsius had done in the US was for security. Celsius did not immediately respond to a request for comment on Friday.

Celsius was already in the UK, but in June He said would move its large and large business to the US and “if possible, move to several other areas”.

The Texas State Securities Board said it had notified Celsius in May that it might be violating state security laws and clarifying legal requirements. The commission said that Celsius did not stop offering his services after receiving a warning.

Celsius has said it generates its own crypto revenue through credit card transactions and cryptocurrency mining, but government officials say the company also conducts commercial transactions with other types of transactions.