A crypto startup backed by American rapper Jayceon Terrell Taylor, better known as “The Game,” has had its registration revoked by the United States Securities and Exchange Commission (SEC) for violating securities laws after failing to file periodic reports.
ParagonCoin Limited, a crypto company focused on the marijuana industry, has had its license revoked by the SEC after it confirmed the allegations against the company and found that the company was in default. The SEC began proceedings against the company in February 2022 and stated that the company’s last filing was from March 2019, which stated that it lost more than $10 million in 2018.
According to the SEC, the crypto company ignored the delinquency letter sent by the SEC division of periodic reports. In addition, the SEC also stated that the crypto startup did not respond to the procedure in February 2022 – and did not respond five months later to give reasons why it could not be found as a default.
In 2021, Taylor and crypto startup executives were found jointly liable for more than $12 million in a class-action lawsuit. The lawsuit alleges that the startup violated securities laws when it held its $70 million initial coin offering in 2017.
related: The judge refused to consolidate the class-action lawsuit against FTX
Meanwhile, while The Game is not successful in crypto, other rappers have started to become the face of Web3. The legendary rapper has announced many partnerships in the Web3 space and was recently revealed as the co-founder of a Web3 live-streaming platform called Shiller.
On June 24, 2022, Snoop Dogg and Eminem also featured the unusable Bosed Ape Yacht Club token in the music video for a song called “From The D 2 The LBC.” The music video occasionally shows the rapper as an animated Bosen-Ape style character.