Jake Paul Settles Crypto-Related Charges With SEC – $400K Fine

• Social media star and boxer Jake Paul has recently settled crypto-related charges with the Securities and Exchange Commission (SEC).
• The SEC says that this goes against present securities laws if payment is granted for taking part in a crypto or token-based promotion and must be disclosed to followers.
• Jake Paul, along with other celebrities such as Lindsay Lohan, were allegedly paid by blockchain network Tron to promote its digital currency without disclosing they were doing so.

Jake Paul Settles Crypto-Related Charges with the SEC

Social media star and boxer Jake Paul has recently settled crypto-related charges with the Securities and Exchange Commission (SEC). The SEC says that this goes against present securities laws if payment is granted for taking part in a crypto or token-based promotion and must be disclosed to followers.

Paul’s Alleged Involvement

Jake Paul, along with other celebrities such as Lindsay Lohan, were allegedly paid by blockchain network Tron to promote its digital currency without disclosing they were doing so. Gary Gensler from the SEC stated: „This case demonstrates again the high-risk investors face when crypto asset securities are offered and sold without proper disclosure.“

Penalties for Celebrities

It’s estimated that the fines Paul paid exceeded $400K. Lindsay Lohan was also targeted by the federal financial agency; she was allegedly paid roughly $10K to promote Tronix tokens on Twitter, though she failed to let her social media followers know she had received compensation. A spokesperson for Lohan said that she was unaware that she was required to disclose this information and that she’s agreed to pay a fine to resolve the matter.

Aaron Rodgers Drug Use

In other news, Paul is claiming to have at one time taken a hallucinogen with football star Aaron Rodgers. In an interview with FOX News, Paul said: „Aaron and I were together when we did the ayahuasca…We spent the week there doing it.“

Conclusion

Overall, Jake Paul has recently settled his crypto-related charges with regulators from the SEC after being accused of failing to reveal he was being compensated for promoting a new digital currency from blockchain network Tron. Other celebrities such as Lindsay Lohan have been held accountable as well due to their involvement in similar promotions without revealing their payments.