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Cryptocurrency companies Gemini, Voyager and Celsius Network are under the scrutiny of the United States Securities and Exchange Commission, better known as the SEC, due to the payment of interest for deposits of virtual tokens.
This information was released on the portal specialized in finance, Bloomberg, which ensures that the review of these companies will focus on whether or not these offers should be registered as securities with the SEC.
What happens, is that these types of companies offer to pay higher interest rates than those that a savings account of a commercial bank. The reason for being able to have this offer is that “they lend their virtual currencies to other investors”, as explained by Bloomberg, this type of practices can bring protection problems to these investors.
In this sense, a portav oz of Gemini, said that indeed the SEC has contacted them in relation to “the yield products of cryptocurrencies”
and although he explained that it is a confidential discussion, the company is collaborating with the investigation. For its part, a spokesman for Celsius, assures that it is nothing new because “they have always worked hand in hand with US regulators.”
While Voyager has also normally assumed this type of conversations and investigations, they consider it part of the work of state regulators to which financial services end up getting used to.
It was learned, that the Block Fi company is also in this investigation process and that is not the first time. In fact, previously, they have already been subject to regulatory entities.
On the other hand, a few days ago, Bloomberg assured that the White House is going to issue an executive order to regulate cryptocurrencies. This news does not come as a surprise because since It has been expected for a long time, however, it is not clear which entity is going to take charge of this. For now, it seems that it will be the White House itself and then it will surely work together with other government agencies.
For this 2022, there are several actions expected around digital values. One of the most anticipated actions is the creation of a digital dollar (CBDC) by the central bank. Jerome Powell announced a few days ago before the Senate that he already had all the details about the new digital currency.