Canada News on Cryptocurrency – Gary Gensler, chair of the SEC, has warned that celebrities who endorse crypto projects should be transparent about why they are doing so. This follows endorsements from celebrities such as Kim Kardashian and Pierce for the EMAX project.
Gensler said: “If you’re going to have a celebrity endorsement, they should disclose why they’re endorsing it. They should disclose if they’re being paid and if there’s a financial interest.” Canada News on Cryptocurrency He added that the SEC is “keeping an eye on these things” and that investors should do their own research before investing in a crypto project.
In a Feb. 17 announcement, the SEC said Pierce touted EthereumMax (EMAX) tokens through social media channels without disclosing he had received payment for the promotion. 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, the SEC said Pierce also received a $244,000 payment for his promotion of the project cryptocurrency.
The SEC has previously targeted celebrities promoting EthereumMax tokens. In October 2022, the SEC announced a $1.2-million settlement with Kim Kardashian for similar charges as those Pierce was facing. In that case, she failed to disclose a $250,000 payment to publish a story on her Instagram promoting EMAX tokens.
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