SEC Scrutiny Looms as Celebrities Face Legal Fallout Over Promoting Memecoins on Solana
Jul 8, 2024
Recently, several US-based celebrities, including Caitlyn Jenner, Iggy Azalea (real name Amethyst Kelly), and Jason Derulo (real name Jason Desrouleaux), have come under scrutiny for their involvement in promoting cryptocurrency tokens on platforms like Solana. Legal experts have warned that these celebrities could face scrutiny from the SEC and potential class-action lawsuits for promoting these tokens without proper disclosures or registration with the SEC. The tokens, such as Jenner's JENNER and Derulo's JASON, were created on the memecoin platform pump.fun, allegedly with involvement from controversial figure Sahil Arora. Despite claims of scamming by some celebrities against Arora, experts emphasise that the legal responsibility for these tokens ultimately falls on their creators, with potential penalties for unlicensed securities activities.
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