Hailey Welch, known as the 'Hawk Tuah' girl, has been cleared by the U.S. Securities and Exchange Commission (SEC) as they closed their investigation without charges concerning the $HAWK token.
Conclusion of SEC Investigation
The SEC's investigation into Hailey Welch over the $HAWK token has concluded with no charges or sanctions. Months of scrutiny followed after the token faced a 95% crash, initially valued at $490 million. Welch's attorney, James Sallah, confirms the outcome stating: "The SEC closed the investigation without making any findings against, or seeking any monetary sanctions from, Hailey. Because they did not bring any action against her, there are no restrictions on what she can do in regards to crypto or securities in the future."
Details of the $HAWK Case
Welch, cleared of any wrongdoing, stated: 'For the past few months, I've been cooperating with all the authorities and attorneys, and finally, that work is complete.' The case shifts focus onto key players like Clinton So and Alex Larson Schultz, involved in a related lawsuit. This lawsuit revolves around claims of improper coin launches by overHere Ltd. Welch, meanwhile, has cut ties with the LLC linked to $HAWK.
Impact on Cryptocurrency Market
Scrutiny remains on celebrity involvement in cryptocurrencies, impacting market confidence. Meme coins and their endorsements face growing regulatory attention, challenging investors and platforms. Potential regulatory effects could evolve from historical trends as memecoin scrutiny rises. The SEC decision on Welch might influence future cases, shaping regulatory frameworks. Markets could react to new regulation, affecting cryptos endorsed by public figures.
The closure of the SEC case against Hailey Welch highlights the increasing regulatory scrutiny on cryptocurrencies. Regulatory impact on the market could amplify, especially regarding coins endorsed by celebrities.
