When Bitcoin Brothers * talk about unregistered securities

Fintech updates

Good morning everyone, including those who tweet things that come over to bite into the proverb. (We can embed tweets again! Thanks FT developer.)

Good morning everyone but the people who thought they could sell unregistered securities and get away with it

– Pump 🌪 (@APompliano) December 22, 2020

Yes, this is our old buddy Anthony “Pomp” Pompliano – supplier of dollar-payable “Bitcoin pizza”, hard currency theory and heartfelt eulogies that also serve as buy signals – with a pop at Ripple after the SEC indicted the company and two its executives for completing an unregistered $ 1.3 billion securities offering.

Well, we wouldn’t be sexist and unfair enough to call Pomp a “brother,” so let’s leave that to the “crypto-bros taking Ls” who are tracing some interesting developments regarding that fateful tweet just before Christmas:

A crypto bro story pic.twitter.com/5rstyyXiQv

– Crypto Bros Taking Ls (@CoinersTakingLs) July 24, 2021

Yes, our man Pomp joined BlockFi as a $ 3 billion board member in August 2020, only to see him on the receiving end of his own regulatory raid by three state agencies over the weekend. The allegation against the Tiger Global (who else?) Backed company is that it sold unregistered securities to its users by offering interest on cryptos deposited with BlockFi. And in case you were wondering, the Texas Act states that the interest rate on these accounts could be as high as 8.6 percent. Which, when you consider that bank savings rates in the states are around 0.5 percent, seems miraculously high.

BlockFi said the following on Twitter:

An update on regulatory talks: pic.twitter.com/f2GgMZXoQk

– BlockFi (@BlockFi) July 22, 2021

The company has until the end of the month to convince regulators that it has not violated local state safety laws or it must stop offering the product. (It’s worth noting that a fourth state – Vermont – joined the party on Sunday night, but the text of its order has yet to be released.)

Perhaps unsurprisingly, Pomp hasn’t mentioned BlockFi on its Twitter feed for the past few days. Of course, he has far more sublime things to consider, such as the beauty contest-like statements made by crypto-Rasputin Jack Dorsey about the trifle:

Jack Dorsey is the ultimate bitcoiner:

“My hope is that [bitcoin] creates world peace. “

We are lucky to have him by our side.

– Pomp (@APompliano) July 21, 2021

In case you just can’t get enough of the man, we should let you know that our pomp a few weeks ago with his two brothers (no, not like “brothers”; we mean actual Pompliano brothers), and it really is a watch worth. It’s simply called “The Best Business Show” and its purpose is to educate us all about “Bitcoin, Finance, Cryptocurrencies & Everything in Between”. Why? Because, according to Pomp, “financial education is a national emergency”. Thank god he’s here to help.

* Not all Bitcoin brothers identify themselves as such.

Related links:
When Bitcoin Brothers * mourn the dead – FT Alphaville
When Bitcoin Brothers * Talk About Printing Money – FT Alphaville
When Bitcoin brothers * talk about renewable energies – FT Alphaville
When Bitcoin Brothers Speak Cryptography – FT Alphaville
When Bitcoin Brothers Talk About Finance – FT Alphaville
When Bitcoin Brothers Told Hard News – FT Alphaville
When bitcoin brothers talk about digitization – FT Alphaville

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