I have great respect for Warren Buffet and Charlie Munger, but I thought that both were unnecessarily extreme and emotional when they issued those statements about the crypto world. Now, after reading the Securities and Exchange Commission’s (SEC) complaint against Blockvest and Reginald Buddy Ringgold III, I have come to side with Buffet and Munger. The untold story of how a 30 something year old questionable, uneducated religious fanatic, who was once connected with a dubious credit company and sued the Oakland police department, established himself as a fintech guru and became the darling of the crypto world.
Many financial firms and investment managers want to advertise with social media but are confused about the regulations governing advertising for investment products and services – especially rules for social media. On July 10, 2018, the Securities and Exchange Commission (SEC) reiterated their view that the Advertising Rule 206(4)-1 applies to social media with settlements against five firms for using testimonials to promote their firms or investment products.