The US Securities and Exchange Commission (SEC) has formally issued a cease and desist order to a cryptocurrency hedge fund for violating securities laws.
Under the Gun
The SEC has filed a cease and desist order as well as a $ 200,000 fine to Crypto Asset Management LP (CAM) and to its founder Timothy Enneking, CNBC reports.
According to the Commission, the fund which had proclaimed itself as the “first regulated crypto asset fund in the United States” was never actually registered as an investment company. Thus, it was directly and “willfully” violating securities law.