Cryptocurrency is undoubtedly a conversation starter and last night several Super Bowl ads further hyped up the attention around these investments. The major crypto exchanges (FTX, Coinbase, and Crypto.com) showcased their prime-time ads based on the central idea that if you aren’t investing in crypto, you are missing out on making money.
The Super Bowl is annually the most-watched television program in the United States and crypto exchanges used this platform to directly target and appeal to the American football-watching public, or “Main Street” investors. These entertaining ads, which featured A-List celebrities such as Larry David and LeBron James, highlighted that the average retail investor has greater, direct access to investing in cryptocurrency than Wall Street brokerage firms.
Jon-Jorge Aras, Chair of Securities Litigation at Warren Law Group, states, “The SEC is acting as a gatekeeper for Wall Street’s entry into crypto as demonstrated by the Commission’s repeated rejection of a Bitcoin ETF. The effect of the SEC’s policy is preventing Wall Street from interfacing with Main Street investors to offer financial advice on highly technical and often misunderstood crypto markets. It’s truly ironic that the SEC’s refusal to approve a Bitcoin ETF may actually harm retail investors more than if they granted Wall Street the access to crypto that it seeks.”
Whether you own or work at a brokerage firm, or invest in crypto as a hobby, it is imperative that you are familiar with the SEC’s position on cryptocurrency. With the help of a legal team that is as invested in crypto’s future as you are, you can ensure that you are not “missing out.” Contact the attorneys at Warren Law Group. Call (866) WLGROUP or email firstname.lastname@example.org to schedule your complimentary consultation.