Odaily Planet Daily News: The U.S. SEC has settled charges that Plutus Lending LLC, doing business as Abra, offered and sold unregistered crypto asset securities in its crypto lending products. The agency also accused it of being an unregistered investment institution. The SEC's complaint focuses on the company's income service Abra Earn, which allows U.S. users to earn interest on their cryptocurrencies. Abra allegedly used customers' digital assets to "generate income for itself and fund interest payments," as well as issue and sell securities that "do not qualify for SEC registration exemptions." The SEC said, "Without admitting or denying the SEC's allegations, Abra has agreed to an injunction prohibiting it from violating the registration provisions of the Securities Act and the Investment Company Act and requiring it to pay a civil penalty in an amount determined by the court." The SEC accused Abra of failing to register the offer and sale of its retail crypto asset lending product Abra Earn and operating as an unregistered investment company. It added that Abra Earn brought Abra nearly $600 million in crypto assets, of which $500 million came from U.S. customers. (The Block)

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