The U.S. SEC, right from the beginning when they decided to take down all projects considered to be fraudulent, has never relented when it comes to passing judgement. For the sake that there’s still an atom of crypto regulations in the space today is as a result of the unrelentingless actions and decisions taken by the regulatory body (U.S. SEC).
SEC’s latest crackdown features a fund managing firm, CoinAlpha Advisors LLC, as they were ordered just yesterday to pay $50,000 fine for crimes related to sell of unregistered securities to the public.
According to the source, the firm was formed in Oct 2017 with the sole aim of offering a digital investment platform for its clients. The firm has reportedly raised $600,000 during the process.
The order that was passed states that;
While CoinAlpha did file a “Notice of Exempt Offering of Securities,” the company was not eligible for an exemption and did not otherwise register with the SEC. As such, it effectively solicited securities investors in breach of the law.
Apart from being fined the sum of $50,000 for their illegal deeds, this firm was also placed on a cease and desist order. That is to say, they have been knocked out completely from the crypto space.