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Several states announced cease-and-desist actions against cryptocurrency lender Nexo alleging that its interest-bearing accounts function as an unlicensed security.
Nexo Accounts: Nexo is one of many crypto platforms that offer interest-bearing crypto accounts, with the interest earned by lending user assets to borrowers. Regulators charge that these products should be subject to securities laws and regulations.
State Actions: After California and New York launched separate actions, states including Vermont, Washington, Maryland, Oklahoma, South Carolina, and Kentucky announced their own actions. The state developments come as Congress, the Biden administration, and regulatory agencies continue to debate how to bring the crypto sector within the regulatory perimeter.
ICBA Polling: After the administration recently issued reports on digital assets policy, ICBA released new polling conducted by Morning Consult indicating consumers support a regulatory framework for digital assets and are skeptical of the creation of a U.S. central bank digital currency.