US SEC hits out at "ICO Superstore" and crypto hedge fund

In two separate actions that are both firsts for the agency, the US Securities and Exchange Commission (SEC) has charged and agreed penalties with two cryptocurrency firms and their owners.

In the first case, the SEC announced that self-described "ICO superstore" TokenLot and its owners, Lenny Kugel and Eli L. Lewitt, will settle charges that "they acted as unregistered broker-dealers".

In its order, the regulator said TokenLot's website was promoted as "a way to purchase digital tokens during initial coin offerings and also to engage in secondary trading".

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