🛑 SEC takes action against crypto hedge fund

The U.S. Securities and Exchange Commission (SEC) has issued a cease-and-desist order and $200,000 fine to cryptoasset investment firm Crypto Asset Management (CAM) and its founder Timothy Enneking. According to the regulator, CAM had at one point referred to itself as "the first regulated crypto asset fund in the United States" despite never registering as an investment company. The fund, which manages portfolios of cryptocurrencies and "related assets" for high net worth individuals, reported $37 million in assets under management at the end of 2017. According to the firm, these issues were identified by the SEC and remedied last year when the firm stopped its public offering and offered buybacks to investors.