The U.S. Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities. The former Boston Celtics small forward agreed to settle the charges and pay the SEC $1.409 million.
The U.S.’s top securities regulator has charged former Boston Celtics forward Paul Pierce for unlawfully touting the cryptocurrency project called Ethereummax and the token EMAX. The Securities and Exchange Commission’s charges against Pierce follow an onslaught of enforcement actions by U.S. regulators against staking services, earn programs, stablecoins, and Do Kwon’s Terra blockchain ecosystem. According to the SEC complaint, Pierce “failed to disclose that he was paid more than $244,000 worth of EMAX tokens to promote the tokens on Twitter.”
Pierce agreed to settle the charges with the SEC for $1.409 million in penalties, disgorgement, and interest. The complaint further asserts that in one tweet, Pierce shared a screenshot of profits that were much lower than his personal holdings. Another tweet shared the Ethereummax project’s website, which led to a portal to purchase EMAX tokens. Pierce is not the only celebrity whom the SEC has fined for unlawfully touting and misleading investors with the Ethereummax project and associated tokens.
In Oct. 2022, socialite Kim Kardashian was charged with unlawfully promoting the crypto asset EMAX. At the time, Kardashian also settled with the SEC for $1.26 million in penalties. In a statement concerning Pierce’s charges, SEC Chair Gary Gensler insisted the case is “yet another reminder to celebrities.” Gensler continued, “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’t lie to investors when you tout a security.”
The regulator added:
When 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.
The SEC’s charges note that the Basketball Hall of Famer violated the anti-touting and antifraud provisions of federal securities laws. The basketball star settled with the SEC on a non-admit or deny basis and promised not to promote any crypto assets for three years. The SEC further reminded investors to watch Gensler’s video about not making investments “solely on the recommendations of a celebrity or influencer.”
What are your thoughts on the SEC’s recent enforcement actions against celebrities promoting crypto assets and the alleged need for full disclosure to the public? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
The U.S. Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities. The former Boston Celtics small forward agreed to settle the charges and pay the SEC $1.409 million.
The U.S.’s top securities regulator has charged former Boston Celtics forward Paul Pierce for unlawfully touting the cryptocurrency project called Ethereummax and the token EMAX. The Securities and Exchange Commission’s charges against Pierce follow an onslaught of enforcement actions by U.S. regulators against staking services, earn programs, stablecoins, and Do Kwon’s Terra blockchain ecosystem. According to the SEC complaint, Pierce “failed to disclose that he was paid more than $244,000 worth of EMAX tokens to promote the tokens on Twitter.”
Pierce agreed to settle the charges with the SEC for $1.409 million in penalties, disgorgement, and interest. The complaint further asserts that in one tweet, Pierce shared a screenshot of profits that were much lower than his personal holdings. Another tweet shared the Ethereummax project’s website, which led to a portal to purchase EMAX tokens. Pierce is not the only celebrity whom the SEC has fined for unlawfully touting and misleading investors with the Ethereummax project and associated tokens.
In Oct. 2022, socialite Kim Kardashian was charged with unlawfully promoting the crypto asset EMAX. At the time, Kardashian also settled with the SEC for $1.26 million in penalties. In a statement concerning Pierce’s charges, SEC Chair Gary Gensler insisted the case is “yet another reminder to celebrities.” Gensler continued, “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’t lie to investors when you tout a security.”
The regulator added:
When 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.
The SEC’s charges note that the Basketball Hall of Famer violated the anti-touting and antifraud provisions of federal securities laws. The basketball star settled with the SEC on a non-admit or deny basis and promised not to promote any crypto assets for three years. The SEC further reminded investors to watch Gensler’s video about not making investments “solely on the recommendations of a celebrity or influencer.”
What are your thoughts on the SEC’s recent enforcement actions against celebrities promoting crypto assets and the alleged need for full disclosure to the public? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Prosecutors in the financial fraud case against former FTX CEO Sam Bankman-Fried (SBF) are attempting to persuade the judge to restrict his use of electronic devices. It has been revealed that SBF used a virtual private network (VPN) to watch the Super Bowl through a foreign subscription service he had purchased before his arrest. Prosecutors, however, are skeptical and argue that VPNs are commonly used to access international crypto exchanges that are blocked in the United States.
Judge Lewis Kaplan is considering whether disgraced FTX co-founder Sam Bankman-Fried (SBF) should be allowed to use electronic devices and the internet. “There is a solution, but it’s not one anybody has proposed yet,” Kaplan told the court. The judge is considering changing SBF’s bail conditions because prosecutors have complained about his use of a VPN. Damian Williams, U.S. Attorney for the Department of Justice (DOJ), said the government learned that SBF used a VPN to access the web on Jan. 29 and Feb. 12, 2023.
Williams noted that VPNs have legitimate purposes, but the complaint also asserts that VPNs are commonly used to access international crypto exchanges. “Some individuals use VPNs to conceal the fact that they are accessing international cryptocurrency exchanges that use IPs to block U.S. users,” the government’s complaint stressed. However, SBF’s lawyer, Mark Cohen, who represented Ghislaine Maxwell during her sex trafficking trial, said SBF used the VPN to watch football.
“Our client used the VPN to access an NFL Game Pass international subscription that he had previously purchased when he resided in the Bahamas, so that he could watch NFL playoff games,” SBF’s lawyers Christian Everdell and Mark Cohen explained to the judge. “On January 29, 2023, he watched the AFC and NFC Championship games and on February 12, he watched the Super Bowl. This use of a VPN does not implicate any of the concerns raised by the government in its letter.”
Prosecutors have already complained that SBF was attempting to communicate with former Alameda Research and FTX staff members. The court has prohibited SBF from using end-to-end encrypted messaging services like Signal. Everdell and Cohen have stated that SBF will not use a VPN during this time until the defense team is ready to adopt a reasonable bail condition that allays any concerns the government or court may have regarding the use of a VPN.
What do you think about the use of VPNs in financial fraud cases? Should restrictions be placed on their use during bail? Share your thoughts in the comments.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Prosecutors in the financial fraud case against former FTX CEO Sam Bankman-Fried (SBF) are attempting to persuade the judge to restrict his use of electronic devices. It has been revealed that SBF used a virtual private network (VPN) to watch the Super Bowl through a foreign subscription service he had purchased before his arrest. Prosecutors, however, are skeptical and argue that VPNs are commonly used to access international crypto exchanges that are blocked in the United States.
Judge Lewis Kaplan is considering whether disgraced FTX co-founder Sam Bankman-Fried (SBF) should be allowed to use electronic devices and the internet. “There is a solution, but it’s not one anybody has proposed yet,” Kaplan told the court. The judge is considering changing SBF’s bail conditions because prosecutors have complained about his use of a VPN. Damian Williams, U.S. Attorney for the Department of Justice (DOJ), said the government learned that SBF used a VPN to access the web on Jan. 29 and Feb. 12, 2023.
Williams noted that VPNs have legitimate purposes, but the complaint also asserts that VPNs are commonly used to access international crypto exchanges. “Some individuals use VPNs to conceal the fact that they are accessing international cryptocurrency exchanges that use IPs to block U.S. users,” the government’s complaint stressed. However, SBF’s lawyer, Mark Cohen, who represented Ghislaine Maxwell during her sex trafficking trial, said SBF used the VPN to watch football.
“Our client used the VPN to access an NFL Game Pass international subscription that he had previously purchased when he resided in the Bahamas, so that he could watch NFL playoff games,” SBF’s lawyers Christian Everdell and Mark Cohen explained to the judge. “On January 29, 2023, he watched the AFC and NFC Championship games and on February 12, he watched the Super Bowl. This use of a VPN does not implicate any of the concerns raised by the government in its letter.”
Prosecutors have already complained that SBF was attempting to communicate with former Alameda Research and FTX staff members. The court has prohibited SBF from using end-to-end encrypted messaging services like Signal. Everdell and Cohen have stated that SBF will not use a VPN during this time until the defense team is ready to adopt a reasonable bail condition that allays any concerns the government or court may have regarding the use of a VPN.
What do you think about the use of VPNs in financial fraud cases? Should restrictions be placed on their use during bail? Share your thoughts in the comments.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
PRESS RELEASE. Early Jan 2023, in GloryFinance’s Development office, the Project’s Core team and representatives from one of the top Korean Technology Venture Capital has signed in a seed round funding investment agreement with a value confirmed to be USD 3.5M.
The funding will be under the form of Equity acquisition while further details of the deal are not mentioned due to confidentiality.
GloryFinance (token: GLR) is a newly launched DeFi project whose mission is to make DeFi adoption accessible for everyone and accelerate Blockchain’s applications sustainably across industries through Infrastructure development solutions.
GloryFinance business model spins around its Ecosystem including 3 pillars:
According to Glory Finance’s representatives, the investment fund will assist the Project’s growth in the global market over the next 3 years, strategically focused on hiring global tech talents and developers for GloryLabs – the blockchain infrastructure development & enablement entity.
“Glory Finance leadership team is very delighted and confident in this strategic partnership with our new Investor whose portfolio has spanned across deep tech areas such as Data Center development, Smart City/IoT infrastructure, AI and Blockchain in the global market. While we have quite a number of other blockchain specialized Venture Capitals interested in our business, we believe partnering with cross sector VC will provide us the opportunity to connect with exceptional entrepreneurs, tech experts and other partners globally. It aligns perfectly with our mission for a sustainable and inclusive future of blockchain applications.” – Said James, spokesman and Co-founder of GloryFinance
In a call with news.bitcoin.com, Glory Finance’s representative was excited to share their ambitious plan to engage with more of global blockchain & web3 VCs globally regardless of the bear market condition citing that bear markets can benefit venture capital firms because shakier markets lead to lower valuations and more attractive entry points for potential investors. The Project targets a total fund of USD 10M for the seed round.
GloryFinance’s team are engaging in this new journey after their first successful endeavor. The team has previously founded and led the development of a DeFi/Blockchain project to a fast growth and expansion under 1 year, totaling $110M in Locked Value (peak) and reaching $100M in MarketCap making the project top 300 projects worldwide on CoinMarketCap.
With GloryFi, the project aims to bring innovation and solve several main issues of the current Decentralized Finance services landscape with one goal is mind: Make DeFi available to everyone.
GloryFinance links:
Website: http://gloryfinance.io/
Twitter: https://twitter.com/GloryFinanceio
Telegram: https://t.me/GloryfinanceEn
Discord: https://discord.com/invite/5hKbYyx3YX
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Source From : News