Cryptocurrencies’ journey this year from the moon back to Earth has slammed the brakes on a peculiar phenomenon of the 21st century: the awkward celebrity crypto endorsement.
Matt Damon, Larry David and Tom Brady have all gone quiet on crypto as advertising dollars in the industry have evaporated alongside investor interest, according to recent reports.
And Kim Kardashian couldn’t have even talked about crypto if she had wanted to, as the Securities and Exchange Commission has barred her from promoting crypto for three years.
The SEC takes notice
This latest move from the SEC serves as a reminder that Super Bowl commercials and celebrity social media accounts may not be the best source of investment advice. 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.
This article was written by Andy Rosen and originally published on www.nerdwallet.com