The SEC charged the Abra cryptocurrency lending platform with failing to register the offers and sales of its retail crypto asset lending product, Abra Earn, and with operating as an unregistered investment company. Abra Earn was available to US customers from July 2020 until June 2023.Abra settled the charges from the SEC by agreeing to an obey-the-law injunction, and agreeing to pay as-yet-undetermined civil penalties.In January 2024, Abra settled claims from the Texas State Securities Board by agreeing to refund customers. As a part of the complaint, the TSSB had alleged that Abra was “insolvent or nearly insolvent”, and had been making misleading statements. In June 2024, Abra settled with 25 state regulatory agencies, agreeing to refund up to $82.1 million to its US customers. Abra had begun winding down operations in the United States in mid-2023, after facing multiple state regulatory actions.