{"content":[{"text":"accounts.","bbox":{"left":0.117647,"top":0.091221,"width":0.07330300000000001,"height":0.016746999999999998}},{"text":"BlockFi refers to these unregistered securities as its “Crypto Interest Account” or the","bbox":{"left":0.203084,"top":0.091221,"width":0.678275,"height":0.016746999999999998}},{"text":"“BlockFi Interest Account” (the “BIAs”).","bbox":{"left":0.117647,"top":0.126069,"width":0.32568199999999997,"height":0.016747000000000012}},{"text":"2.","bbox":{"left":0.176471,"top":0.160918,"width":0.014677999999999997,"height":0.016747000000000012}},{"text":"BlockFi","bbox":{"left":0.235294,"top":0.160918,"width":0.06300800000000001,"height":0.016747000000000012}},{"text":"allows","bbox":{"left":0.308088,"top":0.160918,"width":0.051215999999999984,"height":0.016747000000000012}},{"text":"investors","bbox":{"left":0.369089,"top":0.160918,"width":0.07080399999999998,"height":0.016747000000000012}},{"text":"to","bbox":{"left":0.449678,"top":0.160918,"width":0.015222999999999987,"height":0.016747000000000012}},{"text":"purchase","bbox":{"left":0.474882,"top":0.160918,"width":0.069353,"height":0.016747000000000012}},{"text":"the BIAs","bbox":{"left":0.554021,"top":0.160918,"width":0.07513500000000006,"height":0.016747000000000012}},{"text":"by depositing","bbox":{"left":0.639153,"top":0.160918,"width":0.11101899999999998,"height":0.016747000000000012}},{"text":"certain","bbox":{"left":0.759761,"top":0.160918,"width":0.053418999999999994,"height":0.016747000000000012}},{"text":"eligible","bbox":{"left":0.823161,"top":0.160918,"width":0.05849700000000002,"height":0.016747000000000012}},{"text":"cryptocurrencies into accounts at BlockFi.","bbox":{"left":0.117647,"top":0.195766,"width":0.332385,"height":0.016747000000000012}},{"text":"BlockFi then pools these cryptocurrencies together to","bbox":{"left":0.460796,"top":0.195766,"width":0.42069899999999993,"height":0.016747000000000012}},{"text":"fund its","bbox":{"left":0.117647,"top":0.230615,"width":0.063171,"height":0.016747000000000012}},{"text":"lending operations and","bbox":{"left":0.189625,"top":0.230615,"width":0.186199,"height":0.016747000000000012}},{"text":"proprietary","bbox":{"left":0.384631,"top":0.230615,"width":0.08712000000000003,"height":0.016747000000000012}},{"text":"trading.","bbox":{"left":0.480167,"top":0.230615,"width":0.06046399999999996,"height":0.016747000000000012}},{"text":"In","bbox":{"left":0.55844,"top":0.230615,"width":0.01604799999999995,"height":0.016747000000000012}},{"text":"exchange for","bbox":{"left":0.583491,"top":0.230615,"width":0.105514,"height":0.016747000000000012}},{"text":"investing","bbox":{"left":0.697811,"top":0.230615,"width":0.071994,"height":0.016747000000000012}},{"text":"in","bbox":{"left":0.778417,"top":0.230615,"width":0.015222999999999987,"height":0.016747000000000012}},{"text":"the BIAs,","bbox":{"left":0.802642,"top":0.230615,"width":0.07892900000000003,"height":0.016747000000000012}},{"text":"investors are promised an attractive interest rate that is paid monthly in cryptocurrency. The BIAs","bbox":{"left":0.117647,"top":0.265463,"width":0.7636400000000001,"height":0.016747000000000012}},{"text":"are not protected by Securities Investor Protection Corporation (the “SIPC”) or insured by the","bbox":{"left":0.117647,"top":0.300312,"width":0.763914,"height":0.016747000000000012}},{"text":"Federal Deposit Insurance Corporation (the “FDIC”).","bbox":{"left":0.117647,"top":0.33516,"width":0.42891799999999997,"height":0.016747000000000012}},{"text":"The BIAs are subject to additional risk,","bbox":{"left":0.560656,"top":0.33516,"width":0.32084099999999993,"height":0.016747000000000012}},{"text":"compared to assets held at SIPC member broker-dealers, or assets held at banks and savings","bbox":{"left":0.117647,"top":0.370009,"width":0.7637970000000001,"height":0.016747000000000012}},{"text":"associations, almost all of which carry FDIC insurance.","bbox":{"left":0.117647,"top":0.404857,"width":0.438938,"height":0.016747000000000012}},{"text":"Nor are they registered with the Bureau","bbox":{"left":0.56774,"top":0.404857,"width":0.313616,"height":0.016747000000000012}},{"text":"or any other securities regulatory authority, or exempt from registration.","bbox":{"left":0.117647,"top":0.439706,"width":0.576684,"height":0.016747000000000012}},{"text":"Despite the additional","bbox":{"left":0.706856,"top":0.439706,"width":0.17452299999999998,"height":0.016747000000000012}},{"text":"risk, and lack of safeguards and regulatory oversight, as of March 31, 2021, BlockFi held the","bbox":{"left":0.117647,"top":0.474554,"width":0.7638909999999999,"height":0.016747000000000012}},{"text":"equivalent","bbox":{"left":0.117647,"top":0.509403,"width":0.08148,"height":0.016746999999999956}},{"text":"of","bbox":{"left":0.208129,"top":0.509403,"width":0.016303000000000012,"height":0.016746999999999956}},{"text":"$14.7","bbox":{"left":0.233435,"top":0.509403,"width":0.04403400000000002,"height":0.016746999999999956}},{"text":"billion from","bbox":{"left":0.286471,"top":0.509403,"width":0.09815100000000004,"height":0.016746999999999956}},{"text":"the","bbox":{"left":0.39382,"top":0.509403,"width":0.023909000000000014,"height":0.016746999999999956}},{"text":"sale","bbox":{"left":0.426732,"top":0.509403,"width":0.030272999999999994,"height":0.016746999999999956}},{"text":"of","bbox":{"left":0.466007,"top":0.509403,"width":0.016303000000000012,"height":0.016746999999999956}},{"text":"these","bbox":{"left":0.491312,"top":0.509403,"width":0.04021199999999997,"height":0.016746999999999956}},{"text":"unregistered","bbox":{"left":0.540331,"top":0.509403,"width":0.09686300000000003,"height":0.016746999999999956}},{"text":"securities","bbox":{"left":0.646196,"top":0.509403,"width":0.07402699999999995,"height":0.016746999999999956}},{"text":"in","bbox":{"left":0.729226,"top":0.509403,"width":0.015222999999999987,"height":0.016746999999999956}},{"text":"violation","bbox":{"left":0.753451,"top":0.509403,"width":0.06969800000000004,"height":0.016746999999999956}},{"text":"of","bbox":{"left":0.832151,"top":0.509403,"width":0.016302999999999956,"height":0.016746999999999956}},{"text":"the","bbox":{"left":0.857456,"top":0.509403,"width":0.023908999999999958,"height":0.016746999999999956}},{"text":"Securities Law.","bbox":{"left":0.117647,"top":0.544251,"width":0.12174299999999999,"height":0.016746999999999956}},{"text":"3.","bbox":{"left":0.176471,"top":0.5791,"width":0.014677999999999997,"height":0.016746999999999956}},{"text":"The Bureau Chief enters this Order to protect the investing public by halting the","bbox":{"left":0.235294,"top":0.5791,"width":0.6463979999999999,"height":0.016746999999999956}},{"text":"offer and sale of these","bbox":{"left":0.117647,"top":0.613948,"width":0.18553199999999997,"height":0.016746999999999956}},{"text":"unregistered","bbox":{"left":0.311715,"top":0.613948,"width":0.09637999999999997,"height":0.016746999999999956}},{"text":"securities.","bbox":{"left":0.416314,"top":0.613948,"width":0.07899499999999998,"height":0.016746999999999956}},{"text":"Nothing in this order shall preclude BlockFi,","bbox":{"left":0.511552,"top":0.613948,"width":0.3698760000000001,"height":0.016746999999999956}},{"text":"Trading, or BFI from paying interest on the existing BIAs or refunding principal to the BIA","bbox":{"left":0.117647,"top":0.648797,"width":0.7637830000000001,"height":0.016746999999999956}},{"text":"Investors consistent with the BIA Terms and BlockFi Terms and Conditions.","bbox":{"left":0.117647,"top":0.683645,"width":0.6018110000000001,"height":0.016746999999999956}},{"text":"A.","bbox":{"left":0.117647,"top":0.718797,"width":0.019025999999999987,"height":0.016746999999999956}},{"text":"The Respondents","bbox":{"left":0.176471,"top":0.718797,"width":0.14435199999999998,"height":0.016746999999999956}},{"text":"4.","bbox":{"left":0.176471,"top":0.751069,"width":0.014677999999999997,"height":0.016746999999999956}},{"text":"BFI is a Delaware corporation, incorporated on August 1, 2017, with offices at 201","bbox":{"left":0.235294,"top":0.751069,"width":0.646158,"height":0.016746999999999956}},{"text":"Montgomery Street, Suite 263, Jersey City, New Jersey. On March 12, 2019, BFI filed as a foreign","bbox":{"left":0.117647,"top":0.785918,"width":0.763747,"height":0.016746999999999956}},{"text":"corporation with the State of New Jersey, Division of Revenue and Enterprise Services.","bbox":{"left":0.117647,"top":0.820766,"width":0.690088,"height":0.016746999999999956}},{"text":"BlockFi","bbox":{"left":0.818303,"top":0.820766,"width":0.06300799999999995,"height":0.016746999999999956}},{"text":"and Trading are wholly-owned subsidiaries of BFI.","bbox":{"left":0.117647,"top":0.855615,"width":0.400954,"height":0.016746999999999956}},{"text":"2","bbox":{"left":0.49549,"top":0.921844,"width":0.009002999999999983,"height":0.015407999999999977}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}