According to BlockBeats, on August 15, Cointelegraph reported that cryptocurrency influencers who boost their social media presence through fake followers, views, and likes may face fines from U.S. consumer protection agencies. This follows the introduction of new rules targeting fake reviews by the Federal Trade Commission (FTC).
On August 14, the FTC announced that its commissioners unanimously voted 5-0 to approve the new federal regulations. These rules will take effect 60 days after their publication in the Federal Register, likely becoming enforceable in October.
The new regulations prohibit the sale or purchase of fake social media engagement metrics, including followers or views generated by bots or hijacked accounts. U.S. advertising lawyer Rob Freund noted on social media that any attempt to artificially increase views, saves, plays, subscriptions, or likes would be a violation of these new rules.
