The United States Federal Trade Commission is targeting certain crypto companies over deceptive or misleading advertising. With the latest move, the FTC appears to follow in the footsteps of the SEC as the crackdown on the ecosystem broadens.“We are investigating several firms for possible misconduct concerning digital assets.”
FTC’s official website states that “under the law, claims in advertisements must be truthful, cannot be deceptive or unfair, and must be evidence-based. For some specialized products or services, additional rules may apply.” Several high-profile influencers, such as Kim Kardashian, have reportedly run afoul of the FTC’s standards in the past.
During the bull run of 2021, several crypto firms lavishly poured funds into advertising in a bid to capture new investors. Many featured celebrities such as Hollywood actor Matt Damon and sports star LeBron James as well as Shaquille O’Neal.
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