{"id":553253,"date":"2023-02-17T21:00:00","date_gmt":"2023-02-17T18:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-chair-issues-warning-to-celebrities-promoting-crypto-amid-latest-enforcement-action\/"},"modified":"2023-02-17T21:00:00","modified_gmt":"2023-02-17T18:00:00","slug":"sec-chair-issues-warning-to-celebrities-promoting-crypto-amid-latest-enforcement-action","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-chair-issues-warning-to-celebrities-promoting-crypto-amid-latest-enforcement-action\/","title":{"rendered":"# SEC chair issues warning to celebrities promoting crypto amid latest enforcement action"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26ead2974d7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26ead2974d7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-chair-issues-warning-to-celebrities-promoting-crypto-amid-latest-enforcement-action\/#%E2%80%9D_SEC_chair_issues_warning_to_celebrities_promoting_crypto_amid_latest_enforcement_action_%E2%80%9C\" >&#8221; SEC chair issues warning to celebrities promoting crypto amid latest enforcement action &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_chair_issues_warning_to_celebrities_promoting_crypto_amid_latest_enforcement_action_%E2%80%9C\"><\/span>&#8221; SEC chair issues warning to celebrities promoting crypto amid latest enforcement action &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvN2U4MTVhOTYtZjljMC00NGQyLThhYTYtZWIwN2MxMzkxMGU3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The United States Securities and Exchange Commission has announced a $1.4-million settlement with former NBA player Paul Pierce for allegedly promoting a token project on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>.<\/p>\n<p>In a Feb. 17 announcement, the SEC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-34\">said<\/a> Pierce touted EthereumMax (EMAX) tokens through social media channels without disclosing he had received payment for the promotion and made \u201cfalse and misleading statements\u201d regarding the project. According to the SEC, promoters paid the former NBA star $244,000 worth of EMAX in addition to him posting messages allegedly showing misleading information about profits on Twitter.<\/p>\n<p>The financial regulator has previously targeted celebrities promoting EthereumMax tokens. The SEC announced a $1.2-million settlement in October 2022 with Kim Kardashian for similar charges as those Pierce was facing \u2014 in that case, she failed to disclose a $250,000 payment to publish a story on her Instagram promoting EMAX tokens.<\/p>\n<p>\u201cThis case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can\u2019t lie to investors when you tout a security,\u201d said SEC Chair Gary Gensler. \u201cWhen celebrities endorse investment opportunities, including crypto asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we announced charges against former NBA player Paul Pierce for touting EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset.<\/p>\n<p>\u2014 U.S. Securities and Exchange Commission (@SECGov) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SECGov\/status\/1626621406841643008?ref_src=twsrc%5Etfw\">February 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>As part of the settlement, Pierce paid a $1.115-million penalty to the SEC and roughly $240,000 in disgorgement and agreed not to promote any crypto projects considered to be securities for three years. SEC Enforcement Director Gurbir Grewal added:<\/p>\n<blockquote><p>\u201cInvestors are entitled to know whether a promotor of a security is unbiased, and Mr. Pierce failed to disclose this information.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Breaking: Circle squashes rumors of planned SEC enforcement action<\/em><\/strong><\/p>\n<p>The move from the SEC was the latest in what many critics have called a \u201cregulation by enforcement\u201d <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to crypto projects the agency considered securities. On Feb. 9, the financial regulator announced that it had reached a settlement with Kraken, in which the crypto exchange agreed to stop offering staking services or programs to U.S. clients.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-chair-issues-warning-to-celebrities-promoting-crypto-amid-latest-enforcement-action\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC chair issues warning to celebrities promoting crypto amid latest enforcement action &#8220; The United States Securities and Exchange Commission has announced a $1.4-million settlement with former NBA player Paul Pierce for allegedly promoting a token project on social media. In a Feb. 17 announcement, the SEC said Pierce touted EthereumMax (EMAX) tokens through&#8230;<\/p>\n","protected":false},"author":1,"featured_media":553254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/7e815a96-f9c0-44d2-8aa6-eb07c13910e7.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74932,74898,75385,70934,67874],"class_list":["post-553253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-crimes","tag-sec","tag-sport","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=553253"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/553254"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=553253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=553253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=553253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}