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What do T.I. and Kim Kardashian have in common? They both have run afoul of SEC disclosures. Kardashian has to pay the Securities and Exchange Commission (SEC) a total of $1.26 million for her failure to disclose a payout for promoting a cryptocurrency. According to the SEC’s official website, Kardashian received $250,000 from EMAX tokens, a cryptocurrency offered by EthereumMax. While SEC disclosures don’t forbid “influencers” to receive compensation for promoting crypto-coins, they do require that said influencers disclose when they receive payment for said promotion, which Kardashian didn’t do. As a result, she has agreed to pay a fine. “The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, in the official release. “Investors are entitled to know...
Jay-Z has his hands in a lot of different companies, but his most recent venture seems to be taking off. Arrive, the rapper’s venture capital firm, recently raised $20 million, according to SEC documents . Roc Nation, Arrive’s parent company, announced the launch of the VC firm in February. The firm targets early-stage startups in need of brand assistance and investment capital. When it launched, Arrive touted itself as a platform that thrived on not only funding early stage startups, but also having a central role in the branding of companies it invested in — something that could be attractive for companies focused on speeding up the growth process. So far, Arrive has invested in Robinhood, an investment platform now worth over $5 billion; Delviat, an audio technology company; and Insite Applications, a company focused on location sharing technology.