The women accused Seagal of assaulting them in 2002 and 1995.
Seagal has also agreed to stay away from any promotions related to securities, digital or otherwise, for the next three years.
"...which included posts on his public social media accounts encouraging the public not to "miss out" on Bitcoiin2Gen's ICO and a press release titled "Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen".
The actor agreed on settled charges with the commission, promising to pay approximately $330,000 to the commission. Steven Seagal broke the code of honor amongst Instagram influencers, if such thing ever existed.
The SEC stipulated that any celebrity who is involved in touting any cryptocurrency needs to disclose " the nature, scope, and amount of compensation received in exchange for the promotion".
'Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation'.
Under siege by a United States regulator, former action film star Steven Seagal has agreed to pay more than US$330,000 (NZ$522,000) for touting an initial coin offering without revealing he was getting paid for his glowing recommendations.
Kristina Littman, of the SEC's cyber unit, said: "These investors were entitled to know about payments Mr Seagal received or was promised to endorse this investment so they could decide whether he may be biased".
Six weeks after Seagal first started promoting B2G, the firm made an executive decision and B2G announced that the actor was no longer serving as the brand ambassador.
Steven Seagal may have starred in "Above the Law", but it turns out he isn't in real life. The SEC has also said anyone who promotes a digital token must disclose any compensation received for their efforts. Seagal went on to push the coin to his 107,000 Twitter followers and 6.7 million Facebook fans without disclosing that he was being paid, which is illegal, according to SEC officials. Seagal didn't admit or deny the agency's findings, but he agreed to pay $157,000 in disgorgement plus interest, and a $157,000 Seagal penalty, the agency said.
Seagal now lives in Moscow, Russia, and he acquired both Serbian and Russian citizenship.