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Decentralized Finance lending platform Rari Capital reaches settlement with the US SEC over unregistered securities and brokerage services
Golden Finance reported that the United States Securities and Exchange Commission (SEC) today announced a settlement of charges against Rari Capital, Inc., a Decentralized Finance (DeFi) protocol, and its co-founders Jai Bhavnani, Jack Lipstone, and David Lucid. SEC accused them of misleading investors and engaging in unregistered brokerage activities while operating two blockchain-based investment platforms, which collectively held over $1 billion in encryption assets at their peak. Rari Capital reached a settlement with the SEC, which accused it of conducting unregistered issuances 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 regarding its unregistered securities issuance and unregistered broker activities. As part of the reconciliation protocol, Rari's co-founders have agreed to pay fines and be banned from serving as executives and directors for five years, but these injunctions must be approved by the court.