SEC warns that celebrity cryptocurrency endorsements may be illegal

[gabmen]

The key phrase that we should take into consideration is they may be violating the law. It said MAY be violating the law, not IS DEFINITELY or POSITIVELY violating the law. So that takes it in a legal gray area.

Its a warning from the SEC that they can harass you, but from my perspective, they cant do anything else about it. Its a bluff until we witness some celebrity endorser get prosecuted.

This, I think this is just a way for the SEC to say to everyone else, stop doing this or you may get in trouble with us and since no one wants to get trouble with them then I think the days of celebrities endorsing cryptocurrencies are going to be over soon, which is not a bad thing since who cares if Paris Hilton is endorsing a project, she does not know anything about crypto and her word means nothing in this forum.

Right. Crypto doesn't need spoiled millionnaires endorsing it. Sec can restrain any celebrity they want and crypto will still rise. It's inevitable. And i can't imagine a celebrity endorsing it in the first place

[1713552003]

1713552003

[dothebeats]

Well these cryptocurrencies are not endorsed only in the US, and as far as my knowledge on law goes, this kind of law is non-existent in my country. Needless to say, celebrities can endorse the hell out of a crypto if they want to. Also, they aren't even sure if they can file a case to those artists since they can't even translate the law properly. It's just another fear mongering on the side of crypto to ensure that it will not spread like wildfire if in case an influential artist starts endorsing a crypto they really like.

[pinkflower]

The key phrase that we should take into consideration is they may be violating the law. It said MAY be violating the law, not IS DEFINITELY or POSITIVELY violating the law. So that takes it in a legal gray area.

Its a warning from the SEC that they can harass you, but from my perspective, they cant do anything else about it. Its a bluff until we witness some celebrity endorser get prosecuted.

This, I think this is just a way for the SEC to say to everyone else, stop doing this or you may get in trouble with us and since no one wants to get trouble with them then I think the days of celebrities endorsing cryptocurrencies are going to be over soon, which is not a bad thing since who cares if Paris Hilton is endorsing a project, she does not know anything about crypto and her word means nothing in this forum.

Right. Crypto doesn't need spoiled millionnaires endorsing it. Sec can restrain any celebrity they want and crypto will still rise. It's inevitable. And i can't imagine a celebrity endorsing it in the first place

Didnt Jaime Foxx and Floyd Mayweather start promoting ICO tokens? I want to see the SEC restrain and start prosecuting them just to see if SEC is really serious.

Both of them are superstars who can hire the best lawyers to counter the SEC. The SEC wont risk prosecuting a public figure unless they are sure they will win the case because if the dont win, it will mean that other ICOs can escape prosecution too.