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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
