4 ms·

Good thing it's for ICO's only. Imagine if it were for everything. A third of Instagram would get fined...

• chris_wot 8y ago
  It's for securities full stop I had thought...
  • PeterisP 8y ago
    Most ICOs are considered by SEC to fall under securities regulations as most ICOs fit the criteria of the Howey test - if the thing you're offering requires an investment of money in some common enterprise, there is an expectation of profits, and any profit comes not from your efforts but from efforts of either whoever's selling or whoever you invest in; then selling or issuing or promoting that thing falls under all the rules and regulations for securities.
• gammateam 8y ago
  > Imagine if it were for everything. A third of Instagram would get fined... It is actually, under a different federal agency for non-securities related advertisements. The FTC already has ruled that people should at least put #ad on their posts, and has already fined influencers that didn't. When securities are involved, all you have to do is mention how much you got paid to provide safe harbor from the federal securities regulator, and then to provide safe harbor from private securities litigants all you have to do is mention that you have no licenses and that the payment makes you unobjective. Bury it in line 30 of the Disclaimer. THERE, NOW ITS LEGAL Currently instagram and some other social media sites don't have a good way to display long disclaimers, but you can get crafty in the stories, or in multi-slide posts. Unfortunately, when it isn't clear that federal securities laws apply, you don't know if its just an FTC issue, or an SEC issue. So, we're getting there.
  • deleted 8y ago
    [deleted]
  • jessriedel 8y ago
    > The FTC already has ruled that people should at least put #ad on their posts, and has already fined influencers that didn't. Didn't know this. For others: > In May, the agency released dozens of letters it had sent to companies and stars giving them notice that they must tell fans about compensation for promotions on social media. > Those are known within the agency as educational letters, whereas the recent ones are known as warning letters. For repeat offenders, the FTC could seek to impose fines. https://www.reuters.com/article/us-usa-ftc-celebrities/ftc-demands-endorsement-info-from-instagram-influencers-idUSKCN1BO2TE https://www.reuters.com/article/us-usa-ftc-celebrities/ftc-d... Does anyone know if any fines have actually been issued?
  • tptacek 8y ago
    The FTC is an entirely different authority than the SEC.
    • gammateam 8y ago
      who did you write that for given that the post you replied to says > under a different federal agency for non-securities related advertisements.
      • tptacek 8y ago
        Sorry, missed that. You're right, not a high-value comment.
• Rjevski 8y ago
  > A third of Instagram would get fined... And nothing of value will be lost.