Key Points:
The NBA Hall of Famer has agreed not to “promote any crypto asset securities for three years,” the SEC statement said.
The SEC said Pierce was paid $244,000 in EMAX tokens to promote the project on Twitter, but he did not disclose the amount. In addition, he also suggests through the screenshots that he holds a large amount of EMAX tokens, although his holdings are much lower than the amount he shows.
In a statement, SEC Chair Gary Gensler said the settlement is “yet another reminder to celebrities” to disclose if they are being paid to promote investments.
“When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investments are suitable for them. They should know why stars are making those endorsements.”
Gary Gensler said.
Pierce agreed to pay a $1.409 million fine while deciding to “not advertise any crypto-asset securities for three years.”
As previously reported, US reality TV star Kim Kardashian was also charged by the SEC for promoting EMAX and agreed to pay $1.26 million to settle.
Recently, the SEC has shown its desire to tighten crypto regulations, triggering a series of lawsuits. Kraken and Paxos are also in legal trouble with the SEC. Yesterday, Do Kwon and Terraform Labs were also sued by this regulator for misleading investors and issuing unregistered securities.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
Robinhood Wells Notice indicates potential enforcement actions for alleged securities violations.
ETFSwap (ETFS) utility token receives honorable mention as popular crypto analyst reveals top 10 high…
As Bitcoin’s founder mystery remains unsolved, Bitcoin’s popularity and adoption are increasing by the day.
London, United Kingdom, May 6th, 2024, ChainwireGBM Auction (https://gbm.auction), the Bid-to-Earn Auction company, is thrilled…
ColleAI is an innovative multi-chain AI NFT platform that aims to revolutionize how we create…
BioMatrix, an L1 blockchain wealth distribution platform aimed at providing a globally accessible UBI to…
This website uses cookies.