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Over the years, social media influencers have earned a bad reputation among regulators by shilling risky and unvetted tokens to millions of investors. To pursue a crackdown, the U.S. Securities and Exchange Commission (SEC) has reportedly issued subpoenas to influencers found promoting cryptocurrencies such as HEX, PulseChain and PulseX.
Swedish researcher Eric Wall shared an official letter from the SEC dated November 1 to influencers. it read:
“We believe you may have documents or data related to an investigation being conducted by the staff of the U.S. Securities and Exchange Commission.”
The letter was accompanied by a subpoena issued as part of an investigation, requiring the influencer in question to provide the required documentation by November 15, 2022.
they. It’s happening. The Hexicans influencer has received a subpoena from the SEC for HEX, PulseChain and PulseX. HEX info channel is full of info on how to shred digital evidence pic.twitter.com/PrTYBRT9Wc
Eric Wall X (@ercwl) November 5, 2022
Members of the HEX community retaliated against the findings as fake news, but Wall quickly noted that HEX information channels on Discord and Telegram were flooded with information to maintain the anonymity of data and discussions. I pointed out that
He further disputed the Hexians’ claim that the subpoena was a forgery, stating:
Hexicans: Time to post the unblurred version here. If it’s fakeit doesn’t hurt, right? “
On November 3rd, Richard Hart, founder of HEX, said: murmured:
“Do you accept the good advice given? You would think so, but really? Are you using a secret chat with a self-destruct timer? Or are you a slow learner? Click the button Is it difficult to
The above tweet supports Wall’s claims. But Wall, he claims, doesn’t respect the SEC and he’s just sharing information.
Related: The Web3 Foundation Makes A Bold Claim To The SEC: “DOT Is Not A Security. It’s Just Software”
SEC Chairman Gary Gensler recently used examples of the SEC’s enforcement actions against crypto lending firm BlockFi and former Coinbase employees to justify the SEC’s actions for violations of U.S. securities laws, advising the Practicing Law Institute’s Annual Institute on Contributed to Securities Regulation.
According to the SEC chairman, the commission’s executive staff consisted of “public servants” and “beat cops” who “bring together public enthusiasm with an extraordinary ability.”
