Sam Ikkurty

Rose City Fund: The Record

I am the managing partner of Rose City Fund, a digital asset fund exclusively invested in ERC-20 tokens on the Ethereum blockchain. The fund's performance record is documented, verified, and publicly available.

The investor with the highest returns had a CAGR of 1,407%. The investor with the lowest had a CAGR of 16.44%. The total number of investors who lost money: zero. This is corroborated by CFTC Investigator Heather Dasso's own sworn testimony. RCIF2 investors received returns as high as 357.65% in one year. The complete exit record is publicly available:

The CFTC Case

In May 2022, the CFTC brought a lawsuit against Rose City Fund in a secret court proceeding — filed without notifying my legal counsel, who was told the matter was "confidential." The agency had not reviewed our SEC filings, was unaware we had a third-party fund administrator (Intertrust Group), and alleged that the fund traded "no digital assets" — without ever checking the blockchain.

The CFTC also claims subject-matter jurisdiction over Ethereum SPOT transactions under the Commodity Exchange Act — a claim Congress has never authorized and that the Seventh Circuit is now reviewing. There are approximately 247 million unique Ethereum wallet addresses engaging in SPOT trading. If this claim is upheld without Congressional authorization, it would automatically subject hundreds of millions of users to CFTC oversight they were never told about, with generational consequences for the digital asset market and decentralized finance.

Constitutional Violations

The CFTC's conduct in this case violated multiple provisions of the Bill of Rights. These are not procedural technicalities — they are the foundational protections that the founders of this nation fought to establish and that every American is entitled to invoke.

Why This Matters

Thomas Jefferson wrote: "A true patriot will defend his country from its government." The freedoms enshrined in the Bill of Rights were hard-fought by the founders of this nation. It is the responsibility of every citizen — we the people — to defend them against governmental overreach. As Jefferson also warned: "The greatest danger to American freedom is a government that ignores the constitution."

Tyranny, as Jefferson defined it, is that which is legal for the government but illegal for the citizenry. When a federal agency can seize a domain, freeze lifetime earnings, and initiate secret proceedings against a citizen without due process — and face no accountability — that definition applies.