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SEC charges Jake Paul for unlawful promotion of crypto assets

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The Securities and Exchange Commission has charged Jake Paul and seven other celebrities for promoting Tronix (TRX) tokens without disclosing they were being paid to do so.
Jake Paul, the YouTuber-turned-prizefighter, was among eight celebrities charged by the Securities and Exchange Commission for touting a crypto asset without disclosing that they were being paid to do so, according to a filing on Wednesday.
The filing cited Paul’s tweet on Feb. 12, 2021, in which he promoted Tronix (TRX) tokens. The tokens are securities publicly offered by Tron Foundation Limited, which the filing stated is owned by Yuchen “Justin” Sun, who was tagged in the tweet. The tweet was a reply to one from rapper Lil Yachty, who also was charged, and included a TRX hashtag and a rocket ship emoji.
According to the SEC, Paul’s promotion was in exchange for crypto assets valued at $25,019.

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