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SEC: How Deep In Crypto Is It – Steven Seagal Charged

March 2, 2020
Ross Peili


SEC: How Deep In Crypto Is It – Steven Seagal Charged

WASHINGTON D.C. – The Securities and Exchange Commission (SEC) released today what appears to be a document revealing settled charges against Hollywood actor Steven Seagal, who allegedly failed to disclose documentation regarding a series of payments he received in cryptocurrency for promoting the Bitcoiin2Gen (B2G) initial coin offering (ICO). 

Before you start laughing at the sight of the words ‘Steven Seagal’, ‘Bitcoiin2Gen’, and ‘ICO’ appearing in the same sentence, you should analogize how deep the regulative watchdogs have infiltrated into the cryptocurrency industry. 

So, Steven Seagal is charged with receiving $250,000 USD in fiat currency, as well as an additional $750,000 worth of B2G – which is odd, as B2G was still in pre-ICO and therefore it couldn’t have cultivated any pice whatsoever. 

The document continues citing that he was compensated for promoting the ICO – god, I want to use the word ‘scam’ before ICO so much – in his social media, saying something like “don’t miss this out”, while the press release of the ICO was entitled “Zen Master Steven Seagal Has Become The Brand Ambassador for Bitcoiin2Gen”. And now you get to laugh.

Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit said: “Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation”. 

Basically, the SEC is not mad, it’s just pissed it didn’t get a slice of the pie as it would typically work in any business deal that is taxed. 

SEC catches up to catch up those ‘invisible’

Read More: Australia Releases National Blockchain Strategy

I mean, first, you think this is gonna be our way-out as Satoshi Nakamoto envisioned, and no one can stop us, including governments and central banks. Yet we’re at the point were lawmakers, policy researchers, and financial regulators are so deep into the crypto swamp that we have state-backed anti-money laundering laws that target specifically cryptocurrency operations. 

We have tax collectors who can categorize your crypto under one label and tax it accordingly. Investigators now have autonomous algorithms who spell-check every transaction ever made on public blockchains in order to link them to individual users based on KYC documentation, emails, phones associated with crypto exchanges etc. 

So, basically, crypto is crypto, but still, it is a government instrument to monitor digital activity, more specifically financial transactions between individuals, businesses and government agencies. Sure it might be better considering any malicious activity even in the high ranks will be publically transparent for anyone to see, and therefore the political landscape may shape towards a truly democratic version.

But here’s the catch. We’ve heard that before. And we’ve heard that from the same people who claim that be the case once again. 

I am not trying to demoralize cryptos and certainly not blockchain technology, but I guess what I am trying to say is quite the opposite – blockchain is undeniably powerful having immediate international-scale influential capabilities. If anything, those already on the wheel, would want it on their side. 

Concluding, Steven Seagal was fined for $157,000 twice and was banned from promoting ICOs for three years.