SEC: Is Gary Gensler now investigating celebrities and their coins?

Iggy Azalea, Caitlyn Jenner, Jason Derulo: Many celebrities launched memecoins, in part to make a lot of money on them themselves. Now that can be costly.

The U.S. Securities and Exchange Commission (SEC) could soon crack down on celebrities.

In recent weeks, some of them launched memecoins on Solana, including Iggy Azalea, Caitlyn Jenner and Jason Derulo. Andrew Tate also promoted Tate memecoins, although he did not launch them himself.

According to statements made by lawyers opposite Cointelegraph could get them in trouble with the SEC as a result. "Nothing gets the SEC moving faster than selling memecoin," David Chung, founding director of Creo Legal, told the news outlet.

The allegation would likely be the unlicensed sale of unregistered securities.

With almost all of these tokens are insider activities established. Some turned out to be outright scams, such as the coin of wrestler Hulk Hogan.

Group claims by duped investors are also possible. During the last bullrun, a number of celebrities promoted crypto exchanges or NFTs and later had to pay fines, sometimes in the millions, as for example Kim Kardashian.