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Lindsay Lohan, Jake Paul face SEC charges over crypto ads - The Washington Post
Mar 23, 2023 1 min, 5 secs
Comment on this storyThe Securities and Exchange Commission said Wednesday it had charged a handful of celebrities — including the internet provocateur-turned-professional boxer Jake Paul and actress Lindsay Lohan — with promoting cryptocurrencies without disclosing that they were compensated for doing so.

Paul, Lohan, the former teen heartthrob Austin Mahone and the rapper Soulja Boy (whose legal name is DeAndre Cortez Way) were among eight celebrities the SEC said had illegally promoted cryptocurrencies Tronix (TRX) and BitTorrent (BTT).

Sun — a Chinese entrepreneur who became a citizen of Grenada, the small island nation in the West Indies that grants citizenship to those who make large investments in the country — gained worldwide attention in 2019 after he paid $4.6 million to have lunch with Warren Buffett, but then canceled it, apologizing for “excessive self-promotion.”

Kim Kardashian agreed last year to pay $1.26 million to settle SEC charges after she promoted EthereumMax (EMAX) on social media.

We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so,” Coinbase’s chief legal officer, Paul Grewal, wrote in a blog post.

The charges, if brought, would be the most significant regulatory action yet against Coinbase, which has positioned itself as a sort of responsible adult in the room as other crypto platforms — namely FTX — have collapsed.

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