Celebrities including Iggy Azalea and Caitlyn Jenner have likely drawn the attention of the SEC for creating and promoting memecoins, lawyers tell Cointelegraph.
Celebrities who have brazenly shilled their memecoins on X in recent months run a high risk of attracting the attention of the SEC and class-action lawsuits.
“Nothing gets the SEC to act faster than shilling a memecoin,” Creo Legal founding director David Chung told Cointelegraph. Liam Hennessy, a partner at law firm Clyde & Co, agreed, telling Cointelegraph that celebrities “had a bad run in the last bull run for unlawfully touting crypto without disclosing commissions,” noting that Kim KardashianHennessy noted that the SEC has claimed “nearly all crypto tokens are securities,” and if it lumps these celebrity tokens under its remit, “the issuer would need to be registered with the SEC.
The tokens all launched on the Solana-based memecoin creation platform pump.fun. Jenner and Derulo claimed the alleged serial scammer andJenner and Derulo have publicly denounced Arora, claiming he scammed them in the creation of their tokens, but Arora told Cointelegraph in June that Derulo’s
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