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SEC Sues Jake Paul for 'Illegally Touting' Justin Sun-Linked Cryptos
Paul and other celebrities did not disclose they were paid to promote Sun-linked assets, the SEC alleged.
Internet personality Jake Paul was sued by the U.S. Securities and Exchange Commission over his alleged illegal promotion of cryptocurrencies tied to Justin Sun.
Paul “illegally touted” cryptocurrencies “TRX and/or BTT” without disclosing he was being paid to do so, according to a press release. The YouTuber-turned-boxer is among a cast of celebrities the SEC charged Wednesday with participating in a scheme to illegally promote Sun-tied cryptos.
STORY CONTINUES BELOW
According to the press release, Paul settled the charges.
It’s not the first time Paul’s crypto escapades have come under scrutiny. He was sued in February for allegedly participating in a pump-and-dump scheme run by SafeMoon. His brother, Logan, has also raised eyebrows with his failed nFT project CryptoZoo.
The actions Wednesday came as the SEC sued Justin Sun for market manipulation and alleged that TRX and BTT were both unregistered securities.
This is a developing story.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
