SEC demands documents from influencers in investigation
As part of the investigation, the SEC issued a subpoena demanding that the influencers in question produce the required documents by November 15, 2022.
The SEC's crackdown on social media influencers who promote risky and unvetted cryptocurrencies is a step in the right direction. These influencers have taken advantage of unsuspecting investors for too long and it's time for the SEC to put a stop to it. With this latest action, the SEC is sending a clear message that it is serious about protecting investors from fraud and protecting the integrity of the markets.
The SEC's letter to influencers is a clear signal that the regulator is taking a closer look at the role of social media in the securities market. This is a welcome development, as social media has become an increasingly important part of how people communicate and make investment decisions.
“We believe that you may possess documents and data that are relevant to an ongoing investigation being conducted by the staff of the United States Securities and Exchange Commission.”
As part of an ongoing investigation, a letter accompanied by a subpoena was issued to several influencers, demanding that they produce certain documents by Nov. 15, 2022. This subpoena is likely part of a larger effort to crack down on potential fraud or other illegal activity involving influencers and social media.
GUYS. IT’S HAPPENING. Hexicans influencers are getting subpoenad by the SEC over HEX, PulseChain and PulseX. The HEX information channels are filled with information about how to shred your digital evidence pic.twitter.com/PrTYBRT9Wc
— Eric Wall X (@ercwl) November 5, 2022
The HEX community members are quick to point out that their information channels on Discord and Telegram are filled with information on preserving anonymity on data and discussions. However, Wall quickly pointed out that this does not change the fact that the finding is fake news.
In a recent development, He further challenged the Hexians those who claimed that the subpoena was fake, stating: This is a clear indication that He is not going to back down from this fight and is willing to take whatever measures necessary to prove his innocence.
“Hexicans: time to post the unblurred versions here. If they’re fake—no harm right?”
On Nov. 3, Richard Heart, the founder of HEX, tweeted: "HEX is the first high interest blockchain certificate of deposit.
“Do you accept the good advice you're given? You think you do, but do you really? Are you using secret chats with self-destruct timers? Or are you a slow learner? Is it hard for you to click buttons?”
In my opinion, Wall's claims are valid. However, I think he should show more respect for the SEC. I believe he is just sharing information and not trying to attack the organization.
The SEC's recent enforcement actions against BlockFi and a former Coinbase employee illustrate the agency's commitment to enforcing U.S. securities laws. Gary Gensler, SEC chair, made this clear in a recent article for the Practising Law Institute's Annual Institute on Securities Regulation. The SEC will continue to crack down on any violations of securities laws, ensuring that investors are protected and that the markets remain fair and transparent.
The SEC chair's comments on the enforcement staff paint a picture of a hard-working and dedicated group of public servants who are committed to protecting the public. They are skilled and experienced in their work, and they work tirelessly to keep our markets safe and fair. They are an invaluable asset to our country, and we are grateful for their service.
