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The 650-page document raised about a dozen significant issues, according to Hester Peirce, an SEC commissioner. Peirce cited [16] a reach to ‘currently unregulated communication protocol systems’ and noted that the proposal ‘goes well beyond government securities, or even fixed-income securities; key parts of the proposal affect trading venues that make any type of security available for trading. The proposal considers definitions such as ‘orders’ ‘trading interests,’ and ‘communication protocol systems’ in place of ‘exchanges. Supervisory approaches to the advertising of cryptos to retail investors vary considerably among jurisdictions. In February 2022, the UK FCA updated its prohibition [17] on the retail marketing, distribution and sale of crypto-asset derivatives and crypto-asset exchange-traded notes. The UK is also consulting on further potential restrictions. Crypto advertising in the United States is big business, ampm casino no deposit bonus. When celebrity Kim Kardashian was paid to ask her 250 million Instagram followers to speculate on crypto tokens by ‘joining the Ethereum Max Community,’ she disclosed that her post was an advertisement. She did not, however, have to disclose that Ethereum Max ‘ not to be confused with the cryptocurrency ethereum ‘ was a speculative digital token created a month before, one of hundreds of such tokens that fill the crypto-exchanges. On television, meanwhile, potential retail investors in cryptos can watch movie stars pitch them in prime-time slots during major sporting events. Sporting venues have been re-named after crypto trading platforms, most notably Crypto. During the 2022 Super Bowl, four cryptocurrency commercials aired. A one-minute advertisement costing nearly $14 million, which featured nothing more than a floating QR code, drove more than 20 million hits to Coinbase’s landing page within one minute, according to Bitcoin Magazine. Regulators in the United States have thus far focused their attention and enforcement efforts on unregistered securities offerings, and fraudulent scams. However, with investor protection and risk disclosures as core tenets, stricter advertising regulations surrounding cryptos are likely inevitable.
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