Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Crypto platform Abra is the latest to agree to a settlement with the Securities and Exchange Commission over accusations of unregistered securities.
The settlement focused on its Abra Earn product, which the agency said had amassed as much as $500 million at one point.with the U.S. Securities and Exchange Commission over accusations the platform, owned by Plutus Lending, inappropriately pushed Abra Earn to customers when the product qualified as a security that should have been registered, the agency said Monday.
Starting in 2020, the crypto investment platform and lender began offering Abra Earn to customers, promising high levels of returns for letting the firm use their assets, the SEC said in its complaint. At one point, the program had about $600 million, and almost $500 million was from U.S. investors. Also, for at least two years, Abra operated as an investment company without registering, the SEC said.
The company, which accepted the sanction without admitting or denying the allegations, consented to a prohibition from violating the U.S. securities-registration rules and whatever civil penalties a court deems appropriate. The company had already similarly settled with 25 states for operating without licenses and agreed to return as much as $82 million to customers in the U.S."Abra sold nearly half a billion dollars of securities to U.S.
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