New rules from the FTC mean crypto influencers will face stiff fines for fake followers and likes, while celebrity testimonials are also in the firing line.
Crypto influencers boosting their social media clout with fake followers, views and likes could face fines from the United States consumer protection agency after it finalized rules to combat fake reviews.
The Federal Trade Commission (FTC) said on Aug. 14 that its commissioners voted 5-0 to pass the new federal regulations, which will become effective 60 days after being posted to the Federal Register. This means they could go into effect as soon as October.
The rules bar anyone from “selling or buying fake indicators of social media influence,” including followers or views “generated by a bot or hijacked account.”
