The Securities and Exchange Commission announced a $1.4 million mediation with former NBA player Wade Pierce, mainly because Pierce is suspected of promoting a representative new project on social platforms.

In a statement on Feb. 17, the Securities and Exchange Commission said Pierce sold EtherumMax (EMax) tokens through social networks, but did not reveal that he had received advertising fees and issued "false and false statements" for the new project. According to SEC, the sponsor paid the former NBA basketball star $244000 worth of eMax, and he still posted information on Twitter on suspicion of showing false profit figures.

Financial regulators have previously promoted EtherumMax tokens for celebrity marketing. The Securities and Exchange Commission announced a $1.2 million settlement with Jenna Kim in October 2022, accusing her of being similar to Pierce's charges-in which case, she did not announce a $250000 payment to post a marketing promotion eMax dynamic password story on her Instagram.

Gamo Gensler, current chairman of the Securities and Exchange Commission, said: "this case is a special reminder of celebrities: laws and regulations require you to disclose to the public who is paid what, in order to promote investment in securities projects. If you sell securities, you can't lie to investors." When celebrities recite for investment opportunities that include encrypted asset securities, investors should carefully analyze whether such investment is suitable for them, and he should understand why celebrities recite.

As part of the settlement, Pierce paid a $1.115 penalty and a refund of about $240000 to the Securities and Exchange Commission and agreed not to promote any new data encryption program known as securities for three years. Gurbir Grewal, head of SEC inspection, added:

"investors have a right to know whether the sponsors of a security are slow and slow, and Pierce did not announce the news."

The SEC's move is the latest release of what many critics refer to as a "mandatory control" approach to the agency's new program of access codes for securities. On Feb. 9, the financial regulator announced that it had reached an agreement with Kraken to log in to the password trading center to allow the termination of chip services or programs to US users.