Investors in initial coin offerings and other digital assets may run afoul of federal securities laws when those assets are deemed to be securities. In a recent enforcement proceeding, the SEC claimed that respondents Crypto Asset Management, LP and Timothy Enneking, who ran a domestic fund that invested in digital assets, engaged in an unregistered, non‑exempt securities offering, failed to register the fund they were offering as an investment company and falsely claimed that the fund was registered with the SEC. Although the alleged misconduct was egregious, the action is a timely reminder that advisers must exercise caution when entering the digital asset space. This article details the alleged misconduct and the terms of the settlement order. See “SEC Takes Aggressive Action Against Allegedly Fraudulent ICO” (Dec. 20, 2017).