SEC has opened an investigation into the activities of lending-service providers Voyager, Gemini and Celsius Network regarding the legality of offering interest on deposits in digital assets. This is reported by Bloomberg.
Sources said the regulator views such a product as securities that require registration.
Representatives for the companies confirmed they had been in touch with the Commission.
The SEC has not brought any specific charges, and officials declined to comment on their actions.
In November 2021, reports said the SEC initiated an investigation into BlockFi.
Prior to that, the firm had already faced regulatory issues at the state level. Agencies in New Jersey, Alabama and Vermont raised concerns.
Regulators in Texas, New Jersey, Alabama and Kentucky level similar charges against Celsius Network. This did not prevent the firm from raising funds in its Series B round to $750 million. The platform was valued at $3.25 billion.
In September, under SEC pressure, Coinbase backed away from launching crypto-savings accounts. The company said it had been actively engaging with the Commission regarding the product launch over the past six months.
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