ChainCatcher news, according to TheBlock, the U.S. Securities and Exchange Commission (SEC) has reached a settlement with Plutus Lending LLC, which operates under the name Abra. The SEC stated, "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 has agreed to pay a civil penalty, the amount of which will be determined by the court." The SEC accused Abra of failing to register its retail crypto asset lending product Abra Earn's offerings and sales, and of operating as an unregistered investment company.According to the SEC's lawsuit, Abra used customers' digital assets "to generate income for itself and fund interest payments." Abra Earn generated nearly $600 million in crypto assets for Abra, with $500 million coming from U.S. customers.