Lindsay Lohan, Jake Paul, Soulja Boy, and More Celebs Fined $400,000 for Illegally Promoting Crypto
The Securities and Exchange Commission has a message for celebrities eyeing paid deals to promote cryptocurrencies: Disclose you’re getting paid, or else.that it had charged eight celebrities, including actress Lindsay Lohan, influencer Jake Paul, rappers Lil Yachty and Soulja Boy, singers Akon and Ne-Yo, and more for promoting the tronix and bitTorrent tokens on social media but not revealing they had been paid for doing so, which is illegal.
Gurbir Grewal, director of the SEC’s division of enforcement, said in a statement that the agency was neutral about the technologies in the case, but stressed that this was a matter of investor protection. In a statement on Twitter, Sun, who identifies himself as “His Excellency,” likely because he serves as Grenada’s permanent representative to the World Trade Organization, said the“It is no secret that the SEC’s regulatory framework for digital assets is still in its infancy and is in need of further development,” Sun said.
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