CandleFocus SEC charges Rari Capital founders for misleading investors
2024-09-19
Author: Content Editor
The U.S. Securities and Exchange Commission (SEC) has taken action against decentralized finance (DeFi) platform Rari Capital and its co-founders for allegedly misleading investors and operating as unregistered brokers. Rari Capital offered lending, borrowing, and yield farming opportunities through its Earn and Fuse pools, but allegedly misrepresented profitability and charged hidden fees, resulting in significant losses for investors. The co-founders have agreed to settle the charges and face penalties, including civil fines and a five-year officer-and-director bar. The SEC has been actively targeting cryptocurrency projects that violate securities laws, with a focus on Ethereum and decentralized finance players. ConsenSys, a major cryptocurrency corporation, has also filed a lawsuit against the SEC alleging overreach. The SEC has brought numerous cryptocurrency-related enforcement proceedings, collecting billions of dollars in penalties. The agency considers most digital assets as securities subject to regulation.
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