Rapper The Game's crypto startup gets registration revoked

A crypto startup backed by the American rapper Jayceon Terrell Taylor, amended known arsenic “The Game,” had its registration revoked by the United States Securities and Exchange Commission (SEC) for violating securities laws aft failing to record periodic reports.

ParagonCoin Limited, a crypto steadfast focusing connected the marijuana industry, had its licence revoked by the SEC aft confirming its allegations against the institution and uncovering that the steadfast is successful default. The SEC started the proceedings against the steadfast successful February 2022 and pointed retired that the company's past filing was from March 2019, which states that it mislaid implicit $10 cardinal successful 2018.

Excerpt from the papers revoking ParagonCoin's registration. Source: Law360

According to the SEC, the crypto institution ignored a delinquency missive sent by an SEC part astir the periodic reports. In addition, the SEC besides pointed retired that the crypto startup did not respond to its bid instituting proceedings connected February 2022 and did not reply 5 months aboriginal to supply reasons arsenic to wherefore it should beryllium recovered successful default. 

In 2021, Taylor and the crypto startup's executives were found to beryllium jointly liable for much than $12 cardinal successful a class-action lawsuit. The suit alleged that the startup violated securities instrumentality erstwhile it performed its $70 cardinal archetypal coin offering backmost successful 2017.

Related: Judge refuses to consolidate class-action lawsuits against FTX

Meanwhile, portion The Game didn’t person overmuch occurrence successful crypto, different rapper has started to become the look of Web3. The legendary rapper has announced galore partnerships wrong the Web3 abstraction and has precocious been revealed arsenic the co-founder of a Web3-powered live-streaming level called Shiller.

On June 24, Snoop Dogg and Eminem besides featured their Bored Ape Yacht Club nonfungible tokens successful a euphony video for their opus called “From The D 2 The LBC.” The euphony video occasionally showed some rappers arsenic their animated Bored-Ape-style characters.