Paul Pierce Fined $1.1M by SEC for Unlawful Crypto Touting

Updated: 1 year

• Paul Pierce, a NBA Hall of Fame player, has settled with the SEC over charges of unlawfully touting the digital asset EthereumMax.
• The SEC is continuing to crack down on the crypto industry and considers EthereumMax a ‘crypto security’.
• As part of his penalty, Pierce will pay a sum of $1.1 million and abstain from promoting any crypto assets for three years.

SEC Charges Against Paul Pierce

In 2021, NBA legend Paul Pierce promoted EthereumMax tokens without disclosing that he was doing so for profit. He was paid a total sum of more than $244,000 in EMAX tokens for this effort. In response to this violation, the Securities and Exchange Commission (SEC) charged Pierce with unlawful touting and imposed a penalty of $1.1 million plus requiring him to discharge approximately $240,000 worth of EMAX tokens from his holdings. Furthermore, he must refrain from promoting any crypto assets for the next three years as part of his settlement with the SEC.

SEC Chairman Gary Gensler’s Reminder

SEC Chairman Gary Gensler reminded celebrities that it is illegal to promote investment securities without disclosing how much they are getting paid and that lying to investors when touting a security is also prohibited. He warned them not to do it again or face serious consequences.

Other Celebrities Charged by SEC

Paul Pierce isn’t the only celebrity who has been charged with promoting the EMAX project illegally; Kim Kardashian and Floyd Mayweather Jr were also accused of participating in such activities by the SEC.

EthereumMax Lesson

The case serves as an important lesson about cryptocurrency investments: always ensure you understand what you are investing in before putting your money at risk or making any endorsements or recommendations regarding digital assets like EthereumMax tokens.

Crypto Regulations Deepening

The settlement between Paul Pierce and the SEC further shows how regulators are tightening their grip on cryptocurrency-related activities and punishing offenders accordingly – even if they are famous individuals like athletes or celebrities who have something to gain financially by promoting such projects unethically or illegally

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