US SEC Levies ‘First’ Civil Penalties Against Two ICOs for ‘Unregistered’ Securities

In a self-described “first,” the U.S. Securities and Exchange Commission (SEC) has imposed civil penalties against two Initial Coin Offerings (ICOs) solely over their failure to register their token sales, according to an official Nov. 16 press release. The SEC states it has reached settlements with two ICO companies, CarrierEQ Inc. (Airfox) and Paragon Coin Inc., both of whom reportedly conducted their token sales last year after the SEC had already “warned” that ICOs could be deemed securities offerings in its July 2017 DAO Report of Investigation. The nature of…

SEC Hits Crypto Asset Fund and ‘ICO Superstore’ With Penalties

The U.S. Securities and Exchange Commission (SEC) said Tuesday that it has charged and reached agreements with two companies and their owners that operate in the cryptocurrency space. The securities regulator alleged that Crypto Asset Management LP (CAM) and its principal, Timothy Enneking, had marketed itself under false pretenses, alleging that Enneking raised more than $3 million in late 2017 and claimed that the company was “the first regulated crypto asset fund in the United States.” According to the SEC statement, Enneking and the company agreed to the SEC’s cease-and-desist…