SEC Issues It's First Fine to a Crypto Fund


Last Wednesday saw the SEC issue its first disciplinary action against a crypto fund. A cease and desist order and a $200,000 fine was issued to Crypto Asset Management (CAM) and its founder Timothy Enneking. (source).

The SEC judged that CAM "willfully" broke the law and mislead investors by claiming it was the, "first regulated crypto asset fund in the United States", despite not being registered with the SEC in any capacity.

The same day also saw the SEC issue an order against TokenLot. The ICO sales platform agreed to pay a $471,000 fine for failure to register with the SEC. TokenLot has since ceased doing business. "Unfortunately, due to the ever changing regulatory landscape of the cryptocurrency space in our jurisdiction, we regret to inform you that we will be closing TokenLot". (source).

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