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Saying ‘Not Financial Advice’ Won’t Keep You Out of Jail: Crypto Lawyers
Bracewell’s Matthew Nielsen told Cointelegraph that crypto influencers walk a fine line when it comes to sharing their crypto tips.
Nielsen said that while it’s “best practice” for crypto influencers to disclose that “this is not financial advice,” simply saying the term will not protect influencers from the law, as the “federal and state securities laws heavily regulate who can offer investment advice.”
Crypto influencers and celebrity ambassadors have been increasingly finding themselves under the scrutiny of regulations, particularly in the United States.
Nielsen cited the recent Kim Kardashian case as an example, where Kardashian was charged by the SEC for failing to disclose how much she received to promote EthereumMax to her followers.