In a statement Tuesday, the state’s Department of Financial Regulation said the cryptocurrency-lending platform Celsius Network likely does not have enough assets or investments to cover its obligations to creditors, and warned potential investors to “proceed with caution.” (The Logic)

Talking point: Vermont is just the latest jurisdiction to scrutinize the offerings of the Caisse de dépôt et placement du Québec-backed company. Before the company suspended customer withdrawals in June amid volatility in the crypto market, it had attracted attention from authorities and regulators in New Jersey and Texas, among others. “The department believes Celsius has been engaged in an unregistered securities offering by offering cryptocurrency interest accounts to retail investors,” the Vermont regulator wrote. Celsius hasn’t filed for bankruptcy, though it has retained advisors to prepare for that possibility. This month, the lending startup has been paying down debts to DeFi protocols including Aave, Compound and MakerDAO, according to The Defiant.