A fresh document published on the US Securities and Exchange Commission’s (SEC’s) website has revealed that the commission has taken disciplinary action against a digital asset management fund – reportedly for the first time.

Specifically, the firm affected is the Delaware-registered ”Crypto Asset Management” (CAM), founded by Timothy Enneking, who holds 99% of the firm’s limited partner interests.

CAM formed the Crypto Asset Fund (CAF) as an investment vehicle for investing in digital assets in 2017. The fund has now received a letter of cease and desist along with a fine of $200,000 following supposedly ”misrepresenting” the nature of the fund.

CAF is said to have stated that it was the first US cryptocurrency asset fund of its kind to be regulated, a statement which the SEC has now taken issue with – due to being incorrect.

According to the SEC, neither CAM nor CAF ever ”registered with the Commission in any capacity”, and the SEC argues that CAM intentionally broke the law in claiming to have the required accreditations for trading securities.

Moreover, CAM is said to have raised approximately $3.6 million from a total of 44 investors during 2017, as a result of misrepresenting the firm. Through doing this, the firm’s net asset value increased to $37 million.

Following the SEC demands, CAM has now halted its public offering, and although it contends that it willfully broke the law, the firm has nonetheless agreed to pay the fine. CAM has also offered a buyback to investors.

CNBC has also reported on the incident and frames it as the first time a cryptocurrency fund has been penalized by the SEC in this manner.

This is, however, not the only cryptocurrency-related incident to catch the SEC’s attention as of late. Today, the SEC also issued an order against TokenLot, arguing that TokenLot failed to register with the commission, thereby breaking the law.

TokenLot has previously branded itself as an ”ICO Superstore” of sorts. The firm has not officially ceded that they violated any law, but they have – much like CAM – nevertheless agreed to pay the relevant fine – which in TokenLot’s case amounted to $471,000.

In other cryptocurrency crackdown news, the US Financial Industry Regulatory Authority (FINRA) also recently took aim at a Massachusetts man who had reportedly engaged in both securities fraud as well as organizing the illegal distribution of the HempCoin cryptocurrency.

The SEC is also accusing the man of supposedly misrepresenting the coin as being backed by investments in a public firm.

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