Wu said that the U.S. SEC announced a settlement of charges with DeFi lending protocol Rari Capital and its co-founders Jai Bhavnani, Jack Lipstone, and David Lucid. The SEC accused them of misleading investors and engaging in unregistered brokerage activities while operating two blockchain-based investment platforms, which held more than $1 billion worth of crypto assets at their peak. As part of the settlement, Rari's co-founders agreed to pay fines and were banned from serving as executives and directors for five years, but these bans must be approved by the court.