The U.S. Securities and Exchange Commission (SEC) has reached a settlement agreement with Plutus Lending LLC, which does business under the name Abra, over allegations that Abra sold its retail cryptocurrency lending product, Abra Earn, without completing the appropriate registration. Abra Earn allowed U.S. investors to deposit their cryptocurrency assets into the platform in exchange for floating interest rates offered by Abra. At one point, the program managed approximately $600 million in assets, with nearly $500 million coming from U.S. investors. The SEC noted that Abra marketed Abra Earn as an automatic way to earn interest on cryptocurrency assets while using investors' crypto assets to generate income for itself to pay out interest. It is alleged that Abra Earn was offered and sold as a security and did not meet the SEC's registration exemptions. To resolve this issue, Abra agreed to an injunction prohibiting violations of the Securities Act and Investment Company Act registration provisions and must pay a civil fine in an amount determined by the court. This agreement was reached without admitting or denying the SEC's charges.