Tuesday, June 6, 2023

Lindsay Lohan and other celebrities will have to pay 400,000 dollars to promote cryptocurrencies

The Securities and Exchange Commission (SEC), the US body equivalent to the National Securities Market Commission, on Wednesday accused Lindsay Lohan, Jake Paul and Ne-Yo, among other public figures in the United States, of violating securities regulations. market for cryptocurrency promotional activities.

The crypto sector has been wrecked in its attempt to use Spanish celebrities to attract inexperienced investors

In addition

These accusations are part of a lawsuit by the SEC, which is the body in charge of ensuring compliance with financial market regulation, against crypto entrepreneur Justin Sun and against three of his companies, Tron Foundation Ltd, BitTorrent Foundation Ltd and Rainberry Inc. formerly BitTorrent), for offering and selling without registration Tronix (TRX) and BitTorrent cryptocurrencies.

Among the eight public figures charged by the SEC are rappers Soulja Boy and Lil Yachty, singers Austin Mahone and Akon, and porn star Kendra Lust. The SEC accuses them of “promoting TRX and/or BTT without declaring that they received compensation and its amount.”

According to the SEC, Justin Solem and his team offered and sold cryptocurrencies using investments without “promises of gifts” that encouraged “interested parties to promote signs on social media, join others and recruit in sales channels.” Throne on Telegram and Discord and creating torrent accounts for TRX and BTT distributions.

“This case shows once again the high risk investors face when cryptocurrencies are offered and sold without the required disclosure requirements,” SEC Chairman Gary Gensler said in a statement.

Soulja Boy and Austin Mahone reached no agreement with the SEC, but the rest of the mentioned public figures decided to end the accusations against them, not admitting or denying the conclusions of the organization, paying a total sum of more than 400,000 dollars. restitution, interest and fines.

World Nation News Desk
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