A once little-known NFT collector is now behind the launch of three controversial memecoins that has raised millions in presales. While supporters have rushed to defend the projects, lawyers warn regulators could get involved.
Kanovitz alleged Ben promised Psyop's returns on investment would be “several fold or greater” and claimed he “coordinated with other influencers to spread misinformation” and potentially manipulated the token's price.In comments to Cointelegraph, Michael Bacina, a lawyer and partner at Piper Alderman said the legal trouble Ben could find himself in depends on if the sales are investigated and what U.S. regulator carries out that investigation.
The Securities and Exchange Commission , for example, might believe the tokens are investment contracts — as it
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