By John Reed Stark (October 22, 2021, 11:41 AM EDT) — New York state is the newest jurisdiction to inject itself into the rising mixture of states outlawing cryptocurrency lending packages — and the U.S. Securities and Alternate Fee can’t be too far behind.
In typical cryptocurrency lending packages, although they’ll differ:
A decentralized finance, or DeFi, platform consumer deposits or invests cryptocurrency with the DeFi platform;
The DeFi platform swimming pools the cryptocurrency from that investor with different buyers;
The DeFi platform lends that cryptocurrency to different Defi clients who pay curiosity;
Income or losses on this system depend upon the platform’s talent and experience in investing the loaned cryptocurrency; and…
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