Last Updated on 04/22/2023 by てんしょく飯
What ‘super smart’ decision did Taylor make…?
Taylor Swift has turned down a major sponsorship deal with a crypto asset (virtual currency) exchange after spotting its ‘fishiness’.
Crypto stock exchange FTX offered popular singer Taylor Swift a sponsorship deal last year, offering her $100 million (13.5 billion JPY). However, Taylor consulted a lawyer before making the deal. She ultimately did not sign it.
Taylor Swift turned down a $100 million deal with crypto exchange company FTX after asking if they were selling ‘unregistered securities.’
The now-bankrupt company and the celebrities it partnered with are now being sued for promoting the sale of unregistered securities. pic.twitter.com/80TFmOscIa
— Pop Base (@PopBase) April 19, 2023
This was revealed by Adam Moskowitz, a lawyer representing investors in a lawsuit against FTX’s advertising celebrities, in his podcast show The Scoop.
Crypto asset exchange FTX was founded in 2019 and suddenly collapsed in November last year. The following month, founder Sam Bankman-Fried was arrested on suspicion of fraud and other charges.
In its heyday, NFL star Tom Brady and NBA star Shaquille O’Neal were ambassadors and billboards. Investors have filed a lawsuit against them, claiming that they have “reversed their trust and made them complicit in a fraud” and are seeking USD 5 billion (USD 671.05 billion) in damages.
According to lawyer Adam Moskowitz, when FTX approached Taylor about a sponsorship deal, she had doubts about the legality of the deal and asked FTX, “How can you be sure these are not unregistered securities?” She asked the FTX, “How can you be sure that these are not unregistered securities?”. Taylor was the only celebrity offered a sponsorship deal who asked this question.
All securities offered and sold in the US must be registered with the Securities and Exchange Commission (SEC). Last December, the SEC stated that the cryptocurrency FTTs handled by FTX were classified as securities. However, these were not properly registered.
Insider has reached out to Taylor’s representatives for comment on lawyer Moskowitz’s statement, but has not received a response at this time.
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