Pierce to pay $1.4M to settle with SEC on crypto violations

Former NBA player Paul Pierce has agreed to pay about $1.4 million to settle charges that he touted EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset. The Securities and Exchange Commission announced the settlement Friday. EMAX tokens are crypto asset securities offered and sold by EthereumMax. The SEC’s order found that Pierce failed to disclose that he was paid more than $244,000 worth of EMAX tokens to promote the tokens on Twitter.