Gemini, Voyager Digital face SEC scrutiny on high-yield crypto products - Bloomberg

While the crypto lending market continues to gain momentum, the U.S. Securities and Exchange Commission examines digital asset firms Gemini, Voyager Digital (OTCQX:VYGVF) and Celsius Network, to get a better grasp of its high-yielding product offerings, people familiar with the matter told Bloomberg. Note that the rates that crypto lenders offer far outpace traditional bank savings accounts and other kinds of interest-bearing deposits - by lending out their digital tokens to other investors - a process that the SEC said raises concerns about investor protection, Bloomberg reports. Crypto lenders offer these high interest rates, usually through staking rewards, even in the wake of digital asset price weakness. Bitcoin (BTC-USD) falls nearly -27% to $37.6K just in the past month and ethereum (ETH-USD) -40% to sub $2.6K. Moreover, the SEC's review focuses on whether these offerings should be registered as securities with the agency, the people told Bloomberg. These crypto firms offer rates on tokens of