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Promoters of Rapper TI's 2017 ICO Ordered to Pay $103K Penalty
The associates are also barred from selling digital securities for five years.
Yazan Danny Nelson
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The U.S. Securities and Exchange Commission (SEC) prosecution of rapper T.I.'s 2017 initial coin offering (ICO) has netted $103,000 in court-ordered fines and penalties for the agency, this time from associates of the Atlanta-based act.
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Defendants Chance White, Owen Smith and William Sparks were all named in the original September FLiK ICO suit for alleged securities law violations and for boosting the coin without disclosing their ties. Eight individuals were charged in September and seven quickly agreed to settle, including White, Smith and Sparks.
The trio on Tuesday consented to the final terms of their penalty without admitting or denying wrongdoing, according to Law360, which first reported the consent order. All three are now barred from future securities violations and prohibited from dealing with digital securities for the next five years.
Read more: SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO
It was not immediately clear on Wednesday if fellow FLiK defendant Ryan Felton had settled the charges against him. The film producer faces allegations of fraud and manipulation from the SEC.
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Trump-linked Truth Social seeks SEC approval for two crypto ETFs
The filings include a bitcoin and ether ETF and a staking-focused Cronos fund, deepening the Truth Social brand’s ambitions in digital asset investing.
What to know:
- Yorkville America Equities, the firm behind Truth Social–branded ETFs, has filed with the SEC to launch a Truth Social Bitcoin and Ether ETF and a Truth Social Cronos Yield Maximizer ETF.
- The proposed Cronos-focused ETF would invest in and stake Cronos (CRO) tokens, aiming to generate yield through staking rewards in addition to price exposure.
- If approved, the funds would be launched in partnership with Crypto.com, which would provide custody, liquidity and staking services, and be distributed through its affiliate Foris Capital US LLC.
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