More laws are the solution for taking down crypto influencers

However, the crypto space is notoriously fickle, and the collapse of once-established companies such as Celsius and FTX are stark examples of how people can lose billions of dollars in crypto assets almost overnight.

For this reason, celebrity influencers should be thoroughly educated on a crypto product before promoting it. With so much at stake, this is a point that shouldn’t be overlooked by anyone in the industry.

Because of these huge risks, regulators are now asking questions regarding the ethics of celebrities using their considerable pull to draw people into crypto. And they’re not stopping at that; more jurisdictions are imposing stringent conditions for celebrities to pawn crypto products to the masses.

1/ Let’s review all the direct scams Bitboy has worked with in the past. Just in case you forgot here is the flyer with how much he charges.

I received this a while back by posing as a project interested in a promotion.
pic.twitter.com/FkC9HUDGsc

— ZachXBT (@zachxbt) January 3, 2022

For example, in the European Union, a new set of regulations known as MiCA laws will require crypto influencers to fully disclose the financial risks associated with the products they’re advertising.

Singapore is instituting even more stringent measures. The city-state will only allow crypto companies to advertise their products on their own platforms while completely barring influencers from promoting any crypto asset on social media.

What about tech entrepreneurs boosting crypto on social media?

While restricting or banning celebrities and social media influencers from pushing crypto might be commendable, another question remains unanswered. What should be done about billionaire entrepreneurs whose words have the power to influence the trajectory of crypto?

Twitter’s new owner, Elon Musk, is a known crypto proponent and a big Dogecoin (DOGE) fan. As an example of his massive influence in the crypto space, on Tuesday, April 25, just hours after his intention to buy Twitter became public, the memecoin’s price jumped by nearly 23% to $0.1677. That price was the highest it had been since January 14, when it traded at $0.2032.

Related: It’s time for crypto fans to stop supporting cults of personality

And that wasn’t the only time: Several of Musk’s DOGE-related posts and comments from the past year also caused the cryptocurrency’s price to either rise or fall, depending on the sentiment Musk was sharing.

Binance CEO Changpeng Zhao, better known as CZ, is…