Influencers might be in for harder times, finally. Or are they?

At least if the International Organization of Securities Commissions, IOSCO, gets its will. And I for one think it is high times that those social parasites get what is coming to them. If there is all this talk about regulating crypto this. And regulating crypto that. Why not do something that really will help? Like getting rid of the social parasites.

What are they proposing?

The IOSCO proposes to oblige the management of crypto products to take responsibility for the accuracy of the information provided to potential investors on social media and apply “appropriate filtering mechanisms”. To me, it sounds like they are proposing to become a global consumer rights advocate of sorts.

They will have channels for the consumer to file complaints of so-called "finfluencers", financial influencers, if they partake in misleading or illegal promotions. They also propose to help with the evidence-tracking process, because of the fast nature of this field.

They also suggest that crypto companies would have a legal obligation to have specific staff qualifications and licensing requirements for online marketing staff. Another of their proposals is compliance with third-country regulations. Meaning the company has to verify the rules in the country and make sure it is up to code there.

My thoughts on this

Sadly this is looking like yet another attempt to put the blame solely on the crypto companies. And to me, that just looks like the "finfluencers" or social parasites as I like to call them, are getting a free pass to promote scams and crap. I mean how many scams does someone like Jake Paul have to promote or actively be a part of before he is held accountable? 

Jake Paul in living color. Source: https://www.instagram.com/jakepaul/?hl=en

Redo on these proposed rules, please. Because I find them sorely lacking. I am not sure if it is my paranoia or that I enjoy conspiracies. But it sure looks like they are coming, and coming hard for crypto from all over the place. No matter what seems to be the problem it is always shifted around so that it is cryptos' fault. 

What is next, the Republicans can't agree to gun regulations because crypto is not regulated hard enough. Pretty sure Putin invaded Ukraine only to stop them from doing evil stuff like funding all the nazis in the world with crypto. Sorry, rant over.

What are your thoughts on these proposed ways of combating bad actors promoting scammy crypto projects? Do you have any suggestions for how it could be done instead? Please sound off in the comment section down below.

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See you on the interwebs!

Picture provided by: https://pixabay.com/