CRYPTO NEWS: THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS.

THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS
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THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS. ACCORDING TO REPORTS, “MANY” CRYPTOCURRENCY COMPANIES ARE BEING LOOKED INTO BY THE US FEDERAL TRADE COMMISSION (FTC).

ACCORDING TO A REPORT FROM BLOOMBERG ON MONDAY, THE AGENCY, WHICH UPHOLDS REGULATIONS REQUIRING TRUTH IN ADVERTISING, IS INVESTIGATING WHETHER THE BUSINESSES USED FALSE OR MISLEADING ADVERTISING (DEC. 5).

THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS:

THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS
THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS

ACCORDING TO THE REPORT, AN FTC SPOKESMAN STATED, “WE ARE EXAMINING MULTIPLE FIRMS FOR POSSIBLE MISBEHAVIOUR OVER DIGITAL ASSETS.” SHE DECLINED TO PROVIDE ANY OTHER INFORMATION.

PAYMENTS’ REQUEST FOR A COMMENT FROM THE FTC WAS NOT IMMEDIATELY MET WITH A RESPONSE.

AROUND TWO WEEKS AGO, BLOOMBERG REVEALED THAT AT LEAST THREE LAWSUITS WERE BEING FILED BY INDIVIDUALS SEEKING TO RECOUP THEIR LOSSES AGAINST CELEBRITIES WHO HAD ENDORSED THE NOW-DEFUNCT CRYPTOCURRENCY EXCHANGE FTX.

IF THE CLAIMS GO FORWARD AND THOSE PRODUCTS ARE DETERMINED TO BE SECURITIES, CELEBRITIES WHO SUPPORTED THE COMPANY MAY BE HELD ACCOUNTABLE FOR DAMAGES.

THESE ENDORSEMENTS ALLEGEDLY ATTRACTED INEXPERIENCED INVESTORS, ACCORDING TO THE CLAIMS.

A LITTLE OVER TWO MONTHS PRIOR TO THAT, KIM KARDASHIAN PLEADED GUILTY AND PAID A $1.26 MILLION FINE IN A CASE INVOLVING HER “TOUTING” OF THE ETHEREUMMAX CRYPTOCURRENCY, WHICH THE SECURITIES AND EXCHANGE COMMISSION (SEC) CLAIMS IS A SECURITY SUBJECT TO ITS JURISDICTION, WITHOUT PROPERLY REVEALING THAT SHE HAD RECEIVED FINANCIAL REMUNERATION FOR DOING SO.

SINCE 2018, THE SEC HAS BROUGHT MANY RELATED LAWSUITS REGARDING ADDITIONAL CRYPTOCURRENCY SALES, INCLUDING ONES AGAINST FLOYD MAYWEATHER JR., DJ KHALED, AND STEVEN SEAGAL, ALL OF WHOM REACHED SETTLEMENTS.

THE SUPER BOWL IS STILL ONE OF THE MOST COSTLY ADVERTISING SLOTS ON TV, AND THE WALL STREET JOURNAL REPORTED IN FEBRUARY THAT MULTIPLE CRYPTOCURRENCY EXCHANGES HAVE BEEN PAYING TOP PRICE TO AIR ADVERTISEMENTS DURING THE GAME.

AT THE TIME, SPONSORSHIP CONSULTING FIRM IEG ESTIMATED THAT THE CRYPTOCURRENCY INDUSTRY MIGHT SPEND MORE ON SPORTS SPONSORSHIPS FOR NORTH AMERICAN BUSINESSES THAN AIRLINES, QUICK-SERVICE RESTAURANTS, AND WINE AND ALCOHOL PRODUCERS COMBINED ($160 MILLION).

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CRYPTO NEWS: THE FTC IS INVESTIGATING POSSIBLE VIOLATIONS IN CRYPTO AD CAMPAIGNS.

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