Caitlyn Jenner Releasing a Meme Coin Is Riskier Than Kim Kardashian Shilling Ethereum Max, Legal Experts Say

May 31, 2024 – Media Mention

Partner and co-chair of Herrick's Securities Litigation and Enforcement GroupArthur G. Jakoby, spoke with Decrypt about the increased legal scrutiny Caitlyn Jenner may face following her recent launch of meme coins on Solana and Ethereum.

The article noted that compared to past enforcement by the Securities and Exchange Commission ("SEC"), Jenner could face greater legal consequences with her latest meme coin launch. Though Jenner’s role in the meme coin launches may be distinct as part of the issuing team, her promotional statements could still land her in hot water, Arthur told Decrypt.

“The touting stuff still applies,” Arthur said. “This is actually riskier [than what Kim Kardashian did] because they can be accused of soliciting an unregistered security.”

Giving the public instructions on how to buy an asset—perhaps, posting a link to where it could be bought—could be considered solicitation, Arthur explained. That doesn’t have to be targeted advertising, per se, he continued, and could include mass marketing over the internet.

“It's sad that this stuff is still happening, but it's happening for a reason,” he said. “People consider having some sort of celebrity involved with the project will entice more people.”

Read the full article in Decrypt here.