DeFi Protocol Rari Capital Settles Misleading Investor Allegations with SEC

The US SEC on Wednesday announced a settlement with DeFi platform Rari Capital and its founders over misleading investors and operating as unregistered brokers. The SEC alleges that co-founders Jai Bhavnani, Jack Lipstone, and David Lucid engaged in unregistered broker activities by managing two blockchain investment platforms. These platforms, at their peak, handled over $1b in crypto assets. Further, Rari Capital settled with the SEC over accusations of unregistered securities offerings tied to three of the platform’s assets. According to the SEC’s complaint, Rari launched two investment products: Earn pools and Fuse pools.

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