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Alternative Market Briefing

SEC cracks down on DeFi platform Rari Capital for securities violations
Thursday, September 19, 2024

Matthias Knab, Opalesque for New Managers:

In a significant move that underscores the increasing regulatory scrutiny of the cryptocurrency sector, the U.S. Securities and Exchange Commission (SEC) has taken action against Rari Capital, a prominent player in the decentralized finance (DeFi) space. The charges, announced on September 18, 2024, highlight the SEC's commitment to enforcing securities laws in the rapidly evolving crypto landscape.

The Charges

The SEC has settled charges with Rari Capital, Inc., its three co-founders (Jai Bhavnani, Jack Lipstone, and David Lucid), and Rari Capital Infrastructure LLC. The charges include:

  • Misleading investors
  • Engaging in unregistered broker activity
  • Conducting unregistered offerings of securities

    • These violations stem from Rari Capital's operation of two blockchain-based investment platforms that, at their peak, held over $1 billion worth of crypto assets.

    The Investment Products

    Rari Capital offered two main investment products:

  • Earn pools: Managed by Rari, allowing investors to deposit crypto assets and earn returns.
  • Fuse pools: User-created lending pools with similar functionality to Earn pools.

    • In......................

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