Securities regulators in at least seven U.S. states are scrutinizing Canadian crypto investments firm Voyager Digital over its offering of interest-bearing crypto accounts, Director of the Alabama Securities Commission Joseph Borg told CoinDesk Tuesday.
The states – New Jersey, Alabama, Oklahoma, Texas, Kentucky, Vermont and Washington – believe Voyager Digital’s “Earn Program” accounts may be unregistered securities, he said. They coordinated to file separate legal actions (including at least one “cease and desist”) against the publicly traded firm.
“The thrust is to say, ‘OK guys, it’s time to come to the table,” Borg said in a phone call.
The effort continues a yearlong battle by U.S. states to bring crypto interest accounts under their regulatory domain. BlockFi was the first company to fall under their microscope last July. It ultimately settled with state and federal regulators after paying a $100 million fine and promising to register its product as a security.