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SEC Charges Eight Celebrities for Illegally Promoting Tron and BitTorrent Tokens, Raising Questions About the Legal Status of Digital Assets

Eight celebrities, including Lindsay Lohan, Jake Paul, and Ne-Yo, were charged by the SEC in March 2023 for illegally promoting Tron (TRX) and/or BitTorrent (BTT) tokens, raising questions about the difference between praising and promoting cryptocurrencies. Ongoing legal battles involving celebrity endorsements of FTX also revolve around these questions.

The SEC has taken action against celebrities who endorse digital assets without proper disclosures, but there is still a gray area in determining what constitutes a "security." Senators Cynthia Lummis and Kirsten Gillibrand have proposed legislation to create a regulatory framework for digital assets, and are currently suing Coinbase, Inc. over their proposed bipartisan legislation.

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