• The US SEC crypto crackdown doesn’t appear to be petering out any time quickly.
• Former NBA star Paul Pierce has agreed to pay $1.4 million to settle costs levelled in opposition to him by the SEC.
• The fees levelled on Pierce are associated to the promotion of EMAX tokens

The US Securities and Alternate Fee (SEC) on February 17 introduced by way of a press launch that it was charging former NBA star Paul Pierce for selling cryptocurrency. The event got here proper on the heels of a string of fines by the SEC concentrating on crypto corporations together with the current wells discover to Paxos for issuing Binance USD stablecoin.

In a tweet the SEC mentioned:

“Right now we introduced costs in opposition to former NBA participant Paul Pierce for touting EMAX tokens on social media with out disclosing the fee he obtained for the promotion and for making false and deceptive promotional statements about the identical crypto asset.”

Paul Pierce agrees to settle the penalty

Paul Pierce early at the moment has agreed to pay the $1.409 million as introduced by the SEC on Friday.

The fees in opposition to Pierce had been for selling EMAX tokens on Twitter. The SEC claimed that Pierce didn’t disclose what he had been paid to advertise the token and in addition went forward to make false and deceptive statements in regards to the token.

It’s reported that Pierce obtained $244,000 to advertise EMAX tokens. He nevertheless posted a checking account with enormous figures than his checking account truly had.

The legislation requires celebrities to reveal their funds when selling securities. The SEC Chair Gary Gensler warned buyers to watch out and do due diligence on funding alternatives together with crypto belongings endorsed by celebrities.