Steven Seagal settles with SEC over 2018 cryptocurrency promotion

Steven Seagal, best known for fighting off bad guys with roundhouse kicks in movies like Above the Law, has settled a case with the Securities and Exchange Commission over promoting a cryptocurrency on social media. The action star will pay $314,000, and won’t be allowed to promote any security — digital or otherwise — for three years.

Seagal “failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions,” which included posts plugging Bitcoiin2Gen and its initial coin offering in 2018, the SEC says. “Bitcoiin” is not a typo.

“These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased,”...

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