Abra has settled with the SEC over charges related to the unregistered sale of securities through its crypto lending product, Abra Earn, and related violations by its parent company, Plutus Lending LLC.
SEC’s Allegations and Settlement
In a significant regulatory development, crypto lending firm Abra has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC) for operating its crypto asset lending product, Abra Earn, without proper registration.
The SEC’s charges stemmed from Abra’s operation of its yield-generating product, Abra Earn, which was launched in the United States in July 2020. The SEC also charged Plutus Lending LLC (PLL), Abra’s parent company, with functioning as an unregistered investment entity.
The Abra Earn Situation
The Abra Earn platform allowed U.S. investors to earn interest on their cryptocurrency holdings, amassing nearly $600 million in assets, with over 80% of this capital sourced from U.S. investors. According to the
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