Iowa Insurance Commissioner Doug Ommen recently issued a consent order against BlockFi Lending LLC, after BlockFi offered and sold securities in Iowa that were not registered or permitted for sale in the state as well as offering and selling securities in Iowa without being registered as a broker-dealer or agent. BlockFi was ordered to pay an administrative fine of $943,396.22 and to cease and desist from making any untrue statement of material facts regarding securities. The Iowa consent order is part of the conclusion of a broader multistate investigation by the U.S. Securities and Exchange Commissioner and state securities regulators from 53 jurisdictions, through which BlockFi will pay settlements up to $50 million in total to the 53 jurisdictions following the investigation, as well as another $50 million to the SEC. “While innovations, like cryptocurrencies, may provide for growth and evolution in the financial system, it is important that regulators ensure this occurs within an appropriate framework that protects investors while still facilitating responsible capital formation,” Ommen said in a statement. “Iowans can always double-check before investing to make sure an investment is properly registered with the Iowa Insurance Division by calling 877-955-1212.”