Pierce reached a settlement with the SEC and agreed to pay $1.409 million in penalties, disgorgement and interest. According to the allegations, Pierce did not disclose that he received more than $244,000 worth of EthereumMax for promoting the token on Twitter.
Paul Pierce will no longer have to promote any crypto asset securities for at least three years. In addition to the former basketball player, socialite Kim Kardashian and boxer Floyd Mayweather also got into trouble. In October 2022, Kim Kardashian has agreed to pay more than $ 1 million to close a SEC filing against her for EthereuMax promo. This is just one of the latest steps taken by the SEC. A few days ago, the government commission charged Terra’s founder Do Kwon for securities fraud.
According to the latest news, Do Kwon would have moved more than 10,000 Bitcoin off his platform and converted them into cash through a Swiss bank.
Ten days ago, SEC charged Kraken exchange for the unregistered offer & sale of securities through its staking program.
The video of SEC Chair Gary Gensler is dedicated to the problems surrounding staking, and in particular to the one concerning the offer of investment contracts by exchanges.
The measure caused Kraken to stop offering staking services to US clients, as well as pay $30 million in disgorgement, prejudgment interest, and civil penalties.
The SEC also wants to sue Paxos for violating investor protection laws. The lawsuit concerns BUSD.
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