$BTC As predicted, the U.S. Securities and Exchange Commission (SEC) has issued a new warning about crypto investment FOMO just days ahead of the anticipated approval of Bitcoin (BTC) spot exchange-traded funds (ETFs).

In a Jan. 6 post on X (formerly Twitter), the SEC’s Office of Investor Education reiterated the risks associated with digital assets, including meme stocks, cryptocurrencies, and non-fungible tokens (NFTs).

The “Say No, Go FOMO” post initially appeared on Jan. 23, 2021, during a bull market for cryptocurrencies and stocks that saw Bitcoin, Ether (ETH), and other altcoins hit new highs in November 2021. 

It was proposed around March 2022, during a cooling off in markets.

The announcement fueled speculation on social media about a possible imminent approval of Bitcoin ETFs ahead of the January 10 deadline. The SEC drew attention to influencers and celebrities promoting crypto assets, emphasizing the need to not base financial decisions solely on the recommendations of popular figures. The report also highlighted sanctions imposed on celebrities, such as Kim Kardashian, for undisclosed promotion of cryptocurrencies. The SEC warned investors about the potential volatility associated with trends and influencers, emphasizing that while initially appealing, losses can quickly mount in the absence of such figures. The cryptocurrency industry is now eagerly awaiting Bitcoin ETFs, with Bloomberg ETF senior analyst Eric Balchunas predicting approval for most applicants within a week, especially those that met the requirements before December 29.