United States of America: Announced settlement in SEC investigation into Abra over the alleged offer and sale of unregistered crypto asset securities

On 26 August 2024, the US Securities and Exchange Commission (SEC) announced that it had entered into a settlement agreement with Abra for failing to register the offers and sales of its retail crypto asset lending product, Abra Earn, and for operating as an unregistered investment company. To settle the SEC’s charges, Abra has consented to an injunction prohibiting it from violating the registration provisions of the Securities Act and the Investment Company Act and requiring it to pay civil penalties in amounts to be determined by the court.