What Does Floyd Mayweather’s Crypto ICO Settlement with the SEC Imply?



Boxing champion Floyd Mayweather Jr. and music producer DJ Khalid have both settled charges with the U.S. Securities and Exchange Commission (SEC) for failing to disclose that they were paid to promote initial coin offering (ICO) projects to the public.

The charges against the two celebrities came about after they both used various social media outlets to promote ICO projects that were in the midst of fundraising rounds.

Mayweather sent out a tweet to his nearly eight million followers regarding an ICO fundraising round being conducted by Centra Tech ICO, who reportedly paid Mayweather $100,000 to tweet about the project.

“Get yours before they sell out, I got mine…” Mayweather wrote.

The same project also paid music producer DJ Khalid to tweet about their ICO, who called the project a “game changer” while being paid an undisclosed $50,000 for the post.

Because the SEC largely classifies ICOs as securities offerings, the undisclosed celebrity endorsements were in violation of…





Read Full Story : NewsBTC

2018-11-30 20:00:37

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