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SEC Charges Tokenlot ICO Superstore And Crypto Asset Management Company With Penalties

The U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it has taken action against two cryptocurrency firms. Both mark the “first-ever” action of their kind by the Commission. One is against a firm which claims to offer the “first regulated crypto asset fund in the United States” and the other is against an “ICO Superstore.”

SEC reported on Tuesday that it has taken action against two digital currency firms. Both stamp the “first-ever” activity of their kind by the Commission. One is against a firm, which professes to offer the “first regulated crypto asset fund in the United States”, and the other is against an “ICO Superstore.”

The firm, located in La Jolla, California, focuses primarily on managing investment portfolios of cryptocurrency and related assets. The Commission elaborated:

“The SEC entered an order finding that Crypto Asset Management LP (CAM) offered a fund that operated as an unregistered investment company while falsely marketing it as the ‘first regulated crypto asset fund in the United States.”

Also on September 11, The SEC another action against a crypto firm Tokenlot and its two owners, Michigan-based Tokenlot LLC, self-described as an “ICO Superstore.”

“This is the SEC’s first case charging unregistered broker-dealers for selling digital tokens after the SEC issued The DAO Report in 2017 cautioning that those who offer and sell digital securities must comply with the federal securities laws.”

 

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