It is never a good idea to invest in cryptos just because someone famous says they are a good investment, a Securities and Exchange Commission’s statement said. The news comes a day after Coinbase got an SEC notice of potential securities charges.
Investors should use caution when investing in crypto asset securities, the United States Securities and Exchange Commission’s Investor Education and Advocacy office in a statement on Thursday morning.
The news comes a day after Coinbase COIN, -14.05% got an SEC notice of potential securities charges on Wednesday, causing the Coinbase stock to sink 16% on Wednesday evening. Influencers and celebrities who promote crypto on social media have also recently been fined, including former NBA star Paul Pierce and Kim Kardashian. “It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment,” the SEC statement on Thursday said.
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