Jake Paul is one of the most well-known celebrities who have been promoting cryptocurrency on their platforms. Until recently, the US Securities and Exchange Commission has discovered several others who have been illegally touting the same.
Jake Paul is one of the US Securities and Exchange Commission's shortlisters for "illegally touting" cryptocurrency.
Jake Paul and others have come forward to promote cryptocurrencies on their platform in the recent years. However, what comes as a surprise for many is seeing Jake Paul shortlisted by the US Security and Exchange Commission.
Jake Paul is a member of the US Securities and Exchange Commission (SEC) who has recently shortlisted other names for "illegally touting" cryptocurrency on platforms. Other names include Soulja Boy, Ne-Yo, Akon, and Lindsay Lohan.
Well, the US Security and Exchange Commission recently issued a press release on 22nd March 2023, in which they accused Sun and Jake Paul of fraud. Jake Paul has been involved in many crypto projects, including the one of Justin Sun's Tron Foundation Limited.
Jake Paul has been listed on the US SEC list for "illegally touting" the tokens on his platforms. Sun is also facing charges by the US SEC as well as his three companies Tron Foundation Limited, BitTorrent Foundation Limited, and Rainberry Inc.
Tronix and BitTorrent tokens were illegally sold and offered, according to reports. Sun manipulated the token to make it appear to be an actively traded one, while Jake Paul was also charged by the US Securities and Exchange Commission.
Jake Paul promoted the tokens on his platforms without revealing that he was compensated for it, according to reports. In addition, the press release stated that Jake Paul had agreed to pay more than $400,000 to resolve the charges in interest, penalties, and disgorgement.
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