Rapper ‘The Game’ Takes Hit as Crypto Startup License Revoked by SEC
The United States Securities and Exchange Commission (SEC) has revoked the license of ParagonCoin Limited, a cryptocurrency startup focused on the marijuana industry, for violating securities laws.
The SEC discovered that the company is in default after failing to file periodic reports and confirmed the allegations against the firm.
The proceedings began in February 2022, and it was revealed that the company’s last filing was from March 2019, indicating a loss of over $10 million in 2018.
The SEC also found that the company ignored a delinquency letter and failed to respond to its order instituting proceedings in February 2022.
Additionally, the company’s executives, including Jayceon Terrell Taylor, better known as “The Game,” were jointly liable for more than $12 million in a class-action lawsuit in 2021.
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The lawsuit alleged that the startup violated securities laws during its $70 million initial coin offering in 2017.
In contrast, Snoop Dogg, who has become the face of Web3, has had more success. The legendary rapper has announced several partnerships in the Web3 space and is now the co-founder of a Web3-powered live-streaming platform called Shiller.
Snoop Dogg and Eminem have also joined the crypto world and featured their Bored Ape Yacht Club nonfungible tokens in a music video for their song “From The D 2 The LBC.” The video showed both rappers as their animated Bored-Ape-style characters.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
