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To be sure, Gensler had been giving crypto a lot of thought. BlockFi’s founders agreed, kinda, painting the settlement as a win for the company and for crypto, and calling it a step toward “regularity clarity.”Ĭlearly, it was a win for Gensler. The carrot is the agency’s “willingness” to work with crypto firms to get their products under its regulatory umbrella, a path BlockFi is now taking. That’s the message the industry should get from the $100 million penalty BlockFi just agreed to pay, after the SEC decided its high-yield crypto lending product was illegal. Just be prepared to pay up if you’ve broken the rules. Gary Gensler has made his approach to regulating crypto clear: Sure, the government’s ready to talk to you.

But was that a win for the SEC? Gold for BlockFi? I’m Ben Pimentel, and I’ve watched “Fiddler on the Roof” more than two dozen times. Good morning! Gary Gensler dropped the hammer on BlockFi, showing that he’s serious about regulating crypto.

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