The SEC decided to fine the American actor Steven Seagal for accepting cryptocurrency payments from a 2017 ICO, Bitcoiin2Gen.
The problem would be that the actor would not have publicly stated that he received $ 250,000 and $ 750,000 in cryptocurrencies Bitcoiin, a deceptive project that sought to supplant the name of Bitcoin. For this reason, Seagal will now have to pay a fine of $ 314,000 in 2 installments and will not be able to promote more cryptocurrencies during the next 3 years.
Cryptocurrencies and advertising
This fine has been received even though Bitcoiin2Gen is practically bankrupt and with a token now worthless, the cryptocurrency is currently worth $ 0.000182 with a loss of 33% in the last hours and a daily volume of $ 56.
The problem, according to the SEC, is that Seagal was supposed to explain to investors that it was just an advertising trick and that Bitcoiin2Gen had paid him to help them.
Kristina Littman, head of the SEC's cybercrime division, explained:
"These investors had the right to know about the payments Seagal received or were promised to support this investment so they could decide if they could be biased."
Littman continued in a statement published today in the website of the SEC :
"Celebrities cannot use their influence on social media to promote values without adequately disclosing their compensation."
Other problems with the SEC on cryptocurrencies
Previously, other stars like Floyd Mayweather and DJ Khaled had also been fined by the SEC for similar reasons, having to pay a penalty fee of $ 600,000 and $ 150,000 in 2018, respectively.
Recently, also the IIG Enigma had some problems due to the fact that, according to the Security Exchange and the US Commission, it was actually a security token that would have been disguised as an ICO so as not to have to comply with a different method and more complex regulation.
