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SEC Revokes License of ParagonCoin Crypto Startup
ParagonCoin, a crypto startup backed by rapper The Game, had its license revoked by the SEC for violating securities laws by failing to file periodic reports. The startup had held a $70 million initial coin offering in 2017, and in 2021, was found liable for more than $12 million in a class-action lawsuit. Meanwhile, other rappers like Snoop Dogg and Eminem are entering the Web3 space with NFTs and new startups.