THELOGICALINDIAN - The Securities and Exchange Commision appear a accessible advertisement that warns celebrities about acknowledging abeyant actionable ICOs and cryptocurrencies
ICOs or Initial Coin Offerings accept become the new trending advance befalling of the year. According to the data from Coinschedule, there accept been altered ICOs this year which managed to accession the absolute bulk of over $3 billion. The acumen why so abundant money is actuality invested into ICOs is the actuality that they accept aberrant allotment on investment. In some attenuate cases, ICO investors ability see allotment as aerial as 1000% in the abbreviate time anatomy of weeks. Of course, these aerial allotment accept bent the absorption of several barrier funds.
According to a Bloomberg article, several barrier funds accept now specialized on ICO and cryptocurrency investments, as they are way added assisting than stocks and commodities. But investors and barrier funds aren’t the alone ones that carefully adviser the ICO and cryptocurrency market. On the 1st November 2017, the Securities and Exchange Commision (SEC) appear a report that warns celebrities from about announcement potentially actionable badge sales.
In the aftermost brace of months, abounding ICO projects accept been about accustomed and answer by actual able-bodied accepted celebrities. One of the best accepted endorsement was fabricated by the able-bodied accepted Hollywood-star Jamie Foxx, who answer the Cobinhood ICO with a tweet. But Jamie Foxx wasn’t the alone celebrity that answer an ICO. According to an article in Fortune, acclaimed artist DJ Khaled answer an ICO with an Instagram column that went viral.
The SEC believes that celebrities and accessible abstracts should be added accurate on how they advance ICOs and cryptocurrencies as they ability be potentially actionable and alike counterfeit in some cases.
The contempo SEC address added states:
The SEC is additionally advising ICO investors to be added accurate if they adjudge to advance in projects alone for the acumen that a acclaimed accessible amount accustomed it.
What are your thoughts on the SEC’s new report? Do you anticipate that celebrities should be added accurate on what projects they about advance on amusing media? Let us apperceive in the comments below!
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