Is this, finally, the death of the catchphrase "Not Financial Advice"?
According to Australian and US digital asset lawyers, simply saying "not financial advice" might not do anything for you. Well other than probably annoy your viewers. As I assume they like me instantly think, "if it is not advice, wtf are you going on about then telling me how good it is?".
An ironic twist
If the crypto influencers would have abided by the most used catchphrase in crypto "do your own research". One that is equally hated by me I might add. They most likely would have realized that the "not financial advice" catchphrase, or whatever you want to call it. Actually do not save you from facing legal action. Despite what, I assume, many think.
According to both Australian and American lawyers, the phrase is pretty much useless in the eyes of the law. Hopefully, if the awareness of this spreads it will lead to way fewer tiktokers and whatnotters promoting sh\*tcoins simply because they waved a wad of cash in front of them. Personally, I think it is the pinnacle of parasitic behavior. One person using their own fans to get rich off of them. While most of the time the fans loos everything. Because they have invested in some rug pull pump and dump scam project, believing that the person they look up to would never in a million years mislead them.
In Australia, they have actually taken this one step further, in the right direction. There they require influencers to have a license in order to give out financial advice. How the application or test for this is done tho I can only imagine. Is it able to show three profitable investments? Or might there be a test that I imagine could go a little like this:
"Sir, yes, yes. Put your name there on the dotted line where it says 'name'... Ok, well an X will do. We know who you are, so it is all good. Now let's move on to the first question."
"Sir, I have the privilege of informing you that you now officially can make financial advice to plants and some select invertebrates like snails. Here is your license."
And while I will gladly joke about it. I do think something needs to be done that these societal parasites are held responsible for their actions. If that is having a regulatory body issuing a license, or simply having an annual Thunderdome. Sadly I do not have the answer to it. But the parasite influencer Thunderdome event is starting to sound pretty good to me.
The lawyers do however iterate that while legally the "not financial advice" might not have any meaning. It is still a good practice to inform the audience, as we tend to forget things from time to time.
What is your thought on the fact that the "not financial advice" actually is useless? Personally, it was very good to hear I thought. As I think it is one of the most annoying things in crypto. I mean if this is not financial advice what is it then, entertainment well if that is the case in 99/100 cases the content sucks then. Well, I would love to hear what you make of all of this. The comment section if yours.
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