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SEC charges ex-NBA star Paul Pierce over undisclosed crypto promotion

SEC charges ex-NBA star Paul Pierce over undisclosed crypto promotion 2

The US Securities regulatory body took its latest action against Paul Pierce over undisclosed crypto promotional activities.

The United States Securities and Exchange Commission (SEC) is a leading financial regulatory body in the US Crypto industry. According to the SEC agency, the majority of the crypto assets are similar to the security asset class, So all the crypto companies & security-natured crypto token issuers should register under the securities law. 

On 17 Feb 2023, Gary Gensler, the chairman at the SEC agency, informed that SEC charges former NBA star Paul Pierce because he failed to disclose the source of money & amount he received to promote crypto security tokens.

The US SEC noted that Paul promoted the EMAX token on social media and stated much false & misleading information about that token in public.

Allegedly, this NBA Star received $244,000 to promote the EMAX token but never disclosed it. Reportedly he is now ready to settle the case with a total of $1.4 million fine and also agreed not to promote any crypto token in the next three years. 

SEC crypto crackdown

In the last 10 days of the period, it has been seen that the SEC took very strict action against the crypto companies.

On 13 Feb, The SEC agency fined Kraken exchange with a $30 million fine over crypto staking services. According to the SEC agency, Kraken’s crypto staking service was against the Securities Act and also ordered to shut down staking services for US citizens. 

On 12 Feb, The SEC agency sent a Wells notice to the BUSD issuer company Paxos. The securities body noted that BUSD is a security under its Howey test. Now Binance crypto exchange under a hurdle to find out a best stablecoin for the Binance customers. Reportedly Binance is trying to figure out some non-US dollar pegged stablecoins to bring in use and also Binance getting support from many public & Private companies.

Read also: Policy Expert Files Motion To Bring Hinman Document In Public Domain In XRP Lawsuit

SEC charges ex-NBA star Paul Pierce over undisclosed crypto promotion



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