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But as criminal activity in the space soars, so has the likelihood that influencer endorsements could lure investors into costly digital-asset scams. For Mayweather, the lawsuit marks the second time the boxer has come under scrutiny for allegedly making misleading statements around crypto. In , the Securities and Exchange Commission charged Mayweather and music producer DJ Khaled, for failing to disclose payments they received for promoting investments in initial coin offerings.

This makes celebrity promotions of cryptocurrencies particularly vulnerable to criticism as ill-informed investors rush to get in on speculative products because stars they admire are into crypto. It explains why Reese Witherspoon became the subject of backlash after a Jan. In the UK, Britain's financial watchdog recently outlined plans to restrict the marketing of crypto assets and other high-risk investments amid the boom in ads and endorsements from celebrities.

Even amid criminal allegations over such promotions and increased scrutiny from the public and regulators, the list of popular names endorsing crypto to their audiences of millions is growing. Buying crypto has often felt exclusionary. In order to democratize who can participate, CashApp is now making it easy to gift Bitcoin.

In the near future, every person will have a parallel digital identity. Therefore, those who promote securities on social media are potentially liable under Section 12 of the Securities Act. Suitability and Disclosures: Avoid mass-marketing a crypto asset that might be considered a security. In addition to disclosing endorsements and existing positions, marketers should understand the potential civil and criminal liability of mass-marketing a security. There is no way to determine the suitability of a crypto asset for an individual investor if it is being mass-marketed.

Targeted Ads: Directly related to determining suitability and providing appropriate disclosures, outsourcing advertising, or trusting posts to be disseminated by algorithms written by third-party marketing agencies expose companies and influencers to the risk that those posts will be put in front of someone not suitable for that specific security.

Crypto Asset Naming: Consider whether or not the security being created and marketed might create confusion with other established products. Fear of Missing Out and Extreme Pricing: Be cautious with extremely priced, that is, very cheap crypto assets. When celebrities and influencers post about crypto assets they inevitably create a fear of missing out. Extreme pricing of certain crypto assets further fuels this fear.

For example, when an asset is priced to the one-one millionth of a penny, it is easier to daydream about the astronomical real dollar returns that in reality would seem unrealistic or impossible if that same asset was priced at one penny. Furthermore, such extremely priced crypto assets are potentially more vulnerable to market manipulation, and could be used by fraudsters to generate greater returns.

The days of the unregulated crypto asset, whether as a security or a commodity, are coming to an end. Prudence is recommended when creating and marketing crypto assets, because regulators are not just watching these markets, they are bringing enforcement actions.

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Bukowski runs a web development agency, KCM Create, while simultaneously investing in cryptos. Akon Grammy-nominated singer, Akon, announced his vision for cryptocurrency in June His project is appropriately called Akoin, which hopes to further develop Akon's Africa solar power project, Lighting Africa. Imogen Heap Musician Imogen Heap has been vocal about her interest in cryptocurrency and blockchain technology since Heap has had hands in a project called Mycelia, which helps artists to track and protect their efforts with blockchain ledgers through an app called Creative Passport 1.

Eminem Although Eminem hasn't publicly invested in any cryptocurrencies, he has given Bitcoin a notable shoutout in his recent album, Kamikaze. People who bought in at the height of the crypto craze may not recoup their investments for years — if ever — depending on the coin they bought. And some of the stars who signed on to promote risky digital assets may now wish they had steered clear. Kardashian admitted no wrongdoing.

Meanwhile, EthereumMax is trading for less than a millionth of a cent. Celebrity endorsements exist throughout society, from car commercials to medical devices and political campaigns. Pump that crypto spirit up Early-stage crypto projects often offer influencers and average citizens rewards for promoting their project through social media.

But there are sometimes darker motives in the discourse around particular cryptocurrencies. Some developers have been accused of promoting their cryptocurrencies not out of a sincere belief in the product but as a way to increase demand before selling and walking away. In , the agency issued a statement urging investors to question the motives of anyone shilling digital assets. They also admitted no wrongdoing.

Fortune favors … whom? As the asset class established itself closer to the mainstream, centralized crypto exchanges sought out household names to help promote their products. Rather than pitching individual investments, this latest crop of celebrity endorsements from the likes of Tom Brady, Larry David and others took the more conservative approach of talking up crypto in general. Crypto was confusing, but cool. It was a bold, forward-thinking choice for true leaders.

In one commercial for the crypto exchange FTX, Larry David makes light of his own lack of understanding of the novel asset class. Even large cap cryptos such as Bitcoin are trading at about a third of what they were worth last year. In May , with the crypto market falling like a chastened Wile E. None of them offered a comment. Whatever a celebrity tells you, personal investing is usually a lot less exciting than it looks on TV. Most people are well-served by a diversified portfolio that includes a mix of different asset classes.

Risky bets like crypto should generally make up just a small part of that. Another of the sadly boring aspects of investing is that you want to think long term, and that means a bear market can be an opportunity. After all, fortune favors the brave, right? The author and editor both owned Bitcoin at the time of publication. About the author: Andy Rosen is a NerdWallet writer focused on cryptocurrency and alternative investments.