Itchy

The semi-prosecution of celebrity bitcoin influencers bothers me. There’s nothing new about celebrity endorsers who know absolutely nothing about the product they endorse. Their managers and agents make the arrangements, and the celebrities just read the script like any movie or show.

Punishing an action that was effectively legal at the time of the endorsement is ex post facto. Yes, the frauds were obviously frauds, but the regulators didn’t even hint at enforcement until last year. An unenforced law is not a real law.

I suppose the penalties might make the agents and managers pay closer attention, but it still seems like an overstretch that could enable an unfortunate bounceback by the criminals.