The U.S. Securities and Exchange Commission (SEC) charged a crypto advisor, Gabriel Edelman, with fraudulent securities sales, saying he fraudulently sold securities through two companies, Creative Advancement and Edelman Blockchain Advisors, and told clients that he would invest his funds in digital assets. Instead he used most of the funds for personal expenses, with only a small amount used to pay investors early and encourage them to make larger investments in a "Ponzi scheme-like manner." Of the $4.9 million he raised, "up to" $447,300 was spent on digital assets, and he pocketed at least $1.5 million, the indictment said.