The Tennessee Securities Team alerts consumers to the State of New Jersey’s cease and desist order against the Steven Seagal-endorsed Bitcoiin2Gen.
The Tennessee Department of Commerce & Insurance (TDCI) Securities Division has issued a warning Thursday, March 22 to Tennessee consumers about the cryptocurrency Bitcoiin or Bitcoiin2Gen, known for being endorsed and promoted by celebrity Steven Seagal.
The TDCI's alert addresses the actions taken by the State of New Jersey against the cryptocurrency company, which reportedly had promoted securities that were not registered in either state. New Jersey’s Bureau of Securities had issued a cease and desist order March 7, 2018 stating that Bitcoiin offered securities, as defined by N.J.S.A. 49: 3-49(m), that were not registered with the Bureau.
In the alert, TDCI Assistant Commissioner Frank Borger-Gilligan shared the state regulator’s concerns:
“Rushing into an investment that you don’t fully understand can be bad for your bottom line. We encourage Tennesseans to always conduct thorough research to learn the risks associated with the investments they are considering.”
In February, Bitcoiin announced in a press release that Hollywood figure Steven Seagal was the coin’s new worldwide ambassador and reported that the actor had become “a believer of Bitcoiin2Gen”. The US Securities and Exchange Commission (SEC), which had previously issued warnings about the involvement of celebrities in Initial Coin Offerings (ICOs), ruled that “Steven Seagal has to ensure that the Bitcoiin investments are appropriate and in compliance with federal and state securities laws.”