I agree that this is a good thing to do. This isn't some "be aware" story or scary thing, this isn't some witch hunt, these people promoted some sh*t stuff for money, making others lose, just so they could profit, and that is illegal.
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.
And the clear evidence of this is on twitter, instagram and meta for the courts to show they did do the crime.
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.
Glad there government is serious about sueing up those famous and rich people promoting scam since this could serve a warning to many influencers to not try to promote any crypto scams to their followers also with other celebrity to use their fame and take advantage just for their own personal gain.
I believe the settlement is not big enough to deter other shady people on internet to continue pushing these scams to their naive followers, in my opinion, instead going against legit tokens and coins like Bitcoin and BUSD, the SEC should step up their efforts to get "influencers" accountable if they do this.
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.
The amounts were the same for both these promoters of the Ethereum Max token project.
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.
I believe the settlement is not big enough to deter other shady people on internet to continue pushing these scams to their naive followers, in my opinion, instead going against legit tokens and coins like Bitcoin and BUSD, the SEC should step up their efforts to get "influencers" accountable if they do this.
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.
I would assume saying they are not allowed to promote anything to do with cryptocurrency projects for the next three years is good enough and not warrant any jail time tells you something.
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.
