The Texas State Securities Board has reportedly issued a cease-and-desist order against a supposed AI-based cryptocurrency token that uses Elon Musk's image without his consent. The token, called "MuskCoin," was allegedly being marketed as an AI-based investment opportunity that leverages Musk's image and social media activity to generate returns. The Texas authorities have warned that the MuskCoin token is unregistered and therefore poses a risk to investors. The order is part of a broader crackdown by regulators on fraudulent and unregistered cryptocurrency offerings.
(By Jack Schickler)
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