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It's True: Soulja Boy Can Create His Own Cryptocurrency, The "Souljacoin"

Joe DelloStritto

Yup, SouljaCoin is perfectly possible. Just the other day, Soulja Boy tweeted out “Who can help me make SouljaCoin a real thing without getting into any legal trouble with SEC?”

The rapper most known for his 2007 hit "Crank That" has previously flirted with the idea of creating “SouljaCoin,” but now it seems like he’s determined to make it a reality. The question remains: is it possible? The answer: Yes, and Soulja wouldn’t be the first artist to take this leap. Artists such as Lil Yachty and Akon both already have their own cryptocurrencies, working in different ways. To avoid registering as a security with the SEC, Soulja would have to prove that his tokens aren’t an “investment contract” with plans for future profit. If he can’t prove this, he’ll have to register with the SEC. In turn, the SEC would look at what Soulja Boy will do with the currency.

This is a slippery slope, as there have been dozens of lawsuits between the SEC and crypto companies in recent years. A few months ago, Sheesh posted about “Akon City,” which is Akon’s 6 billion dollar endeavor he plans to build in Senegal. The “Akoin” will be the official, registered currency in this city. In Lil Yachty’s case, the YachtyCoin is a "social token." What this means is influencers can sell their cryptocurrency in order to create a deeper relationship with their fans. Owners of the YachtyCoin can buy benefits such as a follow back on social media, or a virtual meet and greet. There are certainly less SEC hoops to jump through with Yachty’s “social token,” compared to the Akoin. Regardless, Soulja Boy will need to sift through a whole lot of paperwork to make this happen. I think we’re all just waiting for the day when SouljaCoin becomes the most prominent currency. Look out Bitcoin.

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