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BlockFi Sues Connecticut Banking Commissioner Over License Surrender Refusal

BlockFi, a bankrupt cryptocurrency lender, has taken legal action against Connecticut Banking Commissioner Jorge Perez in the U.S. Bankruptcy Court of New Jersey. The company has been trying to surrender its Connecticut money transmitter license since December 2020, but the regulator has been insisting on an administrative proceeding.

BlockFi claims that the regulator's actions are not in the interest of public health, safety, or welfare, but rather in pursuit of its own financial gain. The company aims to pause the court proceedings and prove that the department violated Section 525 by revoking its license and pursuing civil penalties. A hearing on the matter is scheduled for July 6.

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