[DeFi lending platform Rari Capital reaches a settlement with the US SEC on unregistered securities and brokerage services] Golden Finance reported that the U.S. Securities and Exchange Commission today announced settlement charges against decentralized finance (DeFi) protocol Rari Capital, Inc. 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. Rari Capital reached a settlement with the SEC, which accused it of conducting unregistered offerings of three securities related to these platforms. In another order, Rari Capital Infrastructure LLC, which took over operations from Rari Capital in 2022, reached a settlement on charges that it engaged in unregistered securities offerings and unregistered brokerage activities. 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.