You can't do that with gold, you can't do that with stocks, so you shouldn't be able to do it because it would cause others to lose so much money and not only unethical but it is against the law at the same time. On the other hand, if you come out and say "this project paid me to promote it" and then do it, that's fine, just like having an "advertisement" logo somewhere or something, allows people to see you got paid for it, otherwise what's the point.
Which is why the SEC has avocation for going after them in the first place. Because they did not put a disclosure in those promotions nor their videos.
Even the youtube crypto influencers are starting to put those disclaimers on daily videos once they publicize them on their channels.
Solely because the SEC have enforced their mandate with actually prosecuting these celebrities promoting these crypto projects.
The amount is not huge and those big celebrities can pay that so there should be more to make them accountable so that this could serve a good reminder not to go on illegal promotions.
Which I don't know if it was just for the amount they were paid to promote them or some other things they found to put towards the fine by the SEC.
The amount is not huge and those big celebrities can pay that so there should be more to make them accountable so that this could serve a good reminder not to go on illegal promotions.
Correct, I was in charge of the SEC I would propose those influencers to pay up 200% of the alleged money they received to promote those shitty coins and tokens. It does not make sense to fine someone if in the end they still will have profits from the crime they are being indicted of.
This is not supposed to be a slap on the wrist, otherwise these promoted scams won't get controlled at all.
Just asking for the amount of money back for what they were paid was kind of a just a slap on the wrist and ask them not to do it again anytime soon does not solve anything.