This story probably isn’t what you think it’s about.
There are no names in this article.
Instead, I want to share something that I saw that I think would actually be useful to all of us Crypto Personalities.
A lot of us have grown some sort of following in recent months/years because of our posts on crypto. Some of us love posting charts, our own TA theory, running groups etc.
I think one of the biggest fears that we all have is facing some sort of crazy regulatory action that might screw us. For those that are making money or even living off of this, such an event could have a devastating impact.
It’s the reason why you see most of us repeatedly saying, ‘This is not financial advice. I am not a financial adviser.” And to be honest with you, that’s a phenomenal strategy.
Now, if you’re still in limbo on whether what you’re doing is legal or not, I hope that this article will clear things up.
Before I go in though, keep in mind that this isn’t a ‘whistleblower’ article. I’m not posting this up because I want everyone to “follow the rules!”
I’m putting this article up because I hope it helps everyone to know what we can and can’t do in order to make sure that we don’t get jammed up and get in any trouble when we’re just trying to be traders here.
So Spill the Beans, CrypoMed
SEC investigations uncovered scenarios in which public companies hired promoters or communications firms to generate publicity for their stocks, and the firms subsequently hired writers to publish articles that did not publicly disclose the payments from the companies.
So, a while ago some investors and other people got in trouble for basically shilling and not divulging that they were paid.
This means that it’s fine to get paid to market/shill a coin. All you have to do is just make that explicitly clear. It’s awkward, yes — but, if you’re shilling a coin that’s legit and dope — why would that even be a problem?
As I’ve said to numerous people in the past — Stephen Curry (basketball player if you live under a rock) wears Under Armour (an athletic-wear company). He’s so valuable to their company that they actually gave him a share in the company on their last shoe deal with him.
So, the more he ‘shills’ Under Armour, the higher their sales will be and the more money Steph will inherently make.
Is Steph breaking the law? Hell no.
This is no different for ‘influencers’ or anybody else.
We just have to make sure that we disclose any and all information about what we were paid and we’re pretty much good to go.
Well, not really — but this tidbit in itself should prove helpful to some extent at least (I hope).