John Reed, a former Securities and Exchange Commission (SEC), has warned social media influencers promoting cryptocurrencies. Reed suggests that their time on these platforms may be limited as the SEC prepares to take action.
Reed emphasized that anti-fraud provisions, which apply to influencing the price of exchange-listed securities, will also extend to crypto influencers. Therefore, they could face potential consequences.
As the number of influencers and self-proclaimed experts advocating for cryptocurrencies continues to rise, Reed cautions that the SEC will swiftly address these individuals.