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SEC Goes After Crypto Investing With Game Show Inspired Spots
The U.S. Securities and Exchange Commission is warning investors away from casual crypto speculation by using mock videos.
Cryptocurrency speculation is lumped in with other highly risky ventures in a series of new U.S. Securities and Exchange Commission (SEC) videos meant to educate potential investors by comparing some investment choices with a game show.
"Investing is not a game,” says the voiceover in each of the public service spots released by the SEC on Wednesday. The videos caution viewers to do research before making choices with their money.
STORY CONTINUES BELOW
In one spot the mock host invites contestants of "Investomania" to choose from a classic game show board of options that includes a range of dubious investments. The possible selections include one square labeled “crypto to the moon,” mixed among others such as “stock tips from your uncle,” “meme stocks” and “tulip bulbs.”
In another, a contestant says, “I’ll take celebrity endorsements,” with a mock celebrity responding, “You should buy crypto, trust me – I’m an actor.”
This series appears to be the SEC’s answer to the recent proliferation of crypto advertising on television, including in such popular and expensive time slots as the commercial breaks during U.S. professional football’s Super Bowl .
“It’s as important as ever for investors to take time to educate themselves,” SEC Chair Gary Gensler said in a statement.
UPDATE (June 1, 2022, 10:42 UTC): Adds information on SEC site.
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
