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Fortune

Leo Schwartz

SEC dunks on Paul Pierce for crypto shilling

Paul Pierce SEC Crypto Kim Kardashian EMAX Floyd Maywear Gary Gensler Ethereum NBA

(Credit: Jesse D. Garrabrant—Getty Images)

The U.S. Securities and Exchange Commission announced on Friday that it had reached a settlement with former NBA superstar Paul Pierce related to his role touting EthereumMax crypto tokens without disclosing payments. Pierce agreed to pay $1.409 million.

The SEC, led by Gary Gensler, has aggressively pursued crypto-related enforcement actions, including targeting celebrities who promoted cryptocurrency projects during the sector’s historic bull run of 2021 and early 2022. In October 2023, the SEC reached a similar settlement with Kim Kardashian for her involvement with the same EthereumMax token.

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