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Regulation

Floyd Mayweather Jr. and DJ Khaled fined over unlawful promotion of ICOs 

The SEC announced it has settled charges against boxer Floyd Mayweather Jr. and music producer DJ Khaled. The two were charged with failing to disclose payments they received for promoting investments in initial coin offerings. These charges are the SEC's first involving touting violations for ICOs.

According to the agency, Mayweather failed to disclose promotional payments from three ICOs, including $100,000 from Centra Tech. Khaled, the SEC said, failed to disclose a $50,000 payment from the same project. Furthermore, the SEC found that Mayweather failed to disclose that he was paid $200,000 to promote the other two ICOs. Mayweather and Khaled agreed to pay a combination of disgorgement, penalties, and interest. Mayweather will cough up a total of $614,775 while Khaled agreed to pay $152,725. Mayweather also agreed not to promote any securities for three years with Khaled agreeing to the same ban for two years. (Source: SEC)