Financial influences may be at risk of violating regulatory rules. The U.S. SEC asks several influencers to submit data and documents related to specific crypto projects they have promoted. For several years, crypto influencers have been a thorn in the side of regulators, often promoting risky and unverified crypto projects. To provide more investor protection here, the SEC has recently taken more decisive action against such promotion.
It has subpoenaed several influencers who have promoted dubious crypto projects such as HEX, PulseChain, and PulseX. In this context, Swedish crypto analyst Eric Wall refers to an official letter from the SEC dated November 1, addressed to the influencers in question. It states:
“We believe they possess documents and data relevant to ongoing investigations conducted by the U.S. Securities and Exchange Commission.”
Attached to the letter is a subpoena issued to the respective Influencers as part of the investigation, requiring them to submit the documents above by November 15, 2022.