Steven Seagal to Pay $314,000 in Settlement With SEC for Touting Bitcoin Investment

Here4money said:
let's be honest, this admin's SEC has been outright hostile to crypto.
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ICOs are kind of illegal. They can be classified either as a ponzi, or as an unauthorized stock IPO.
 
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Pekelo said:
ICOs are kind of illegal. They can be classified either as a ponzi, or as an unauthorized stock IPO.
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well, they weren't until they were....i'm still unsure about the state vs the fed stance. And under which admin did they become illegal?
 
I edited the post to be correct....

Here4money said:
And under which admin did they become illegal?
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Looks like I am wrong. The fine was for:

"Seagal’s actions violated federal “anti-touting” laws that require celebrities to “disclose the nature, scope, and amount of compensation received” in exchange for promoting a virtual token or coin that functions as a security."

So it looks like issuing cyptos is still OK, but not disclosing why you are promoting it is illegal. That is kind of funny, after all we don't ask an actor advertising soap on TV how much he/she is getting for the commercial. Cypto fans promote their coin so you would buy in and push the price up. Da...

I guess the point is that cryptos kind of classify as securities...
 
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They just wanted to make an example out of him. The SEC is fighting a losing battle and needs all the help they can get. I personally cannot stand the guy. Any actor that feels the need to whisper everything they say is creepy. But whatever, 300k to him is pennies.
 
Pekelo said:
ICOs are kind of illegal. They can be classified either as a ponzi, or as an unauthorized stock IPO.
More...
Yes agree... at the end of the day you are forking out real money for a business concept... so regulators should scrutinize them in same way as an IPO but the promoters argue that these are utility tokens and not security tokens... BS lot of BS
 
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