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Steven Seagal's cryptocurrency endorsement deemed illegal
Government auctioning off criminals’ bitcoin
FOX Business’ Kristina Partsinevelos reports on the 4,000 bitcoin — about $39 million worth — being auctioned off that were seized from people who were convicted of a crime.
The U.S. Securities and Exchange Commission and Steven Seagal have settled charges the actor failed to disclose he received payments for promoting an initial coin offering conducted by Bitcoiin2Gen.
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The SEC found the action-movie star, whose films include 'Above the Law' and 'Code of Honor', failed to disclose he was promised $250,000 cash and $750,000 worth of Bitcoiin2Gen tokens to promote the ICO, which was conducted six months after the agency warned digital tokens could be considered securities. The SEC has also said anyone who promotes a digital token must disclose any compensation received for their efforts.