The Financial Industry Regulatory Authority (FINRA) has identified a troubling pattern in the crypto communications of its member firms. An intensive examination found that 70% of these communications might infringe upon the established norms of fairness and balance mandated by the regulatory body.
The sweep, initiated in November, scrutinized 500 retail communications, uncovering potential violations. These included, consequently, unfounded claims equating cryptocurrency to cash or cash equivalents, inappropriate comparisons to traditional assets like stocks, and misleading statements regarding the applicability of federal securities laws or FINRA rules to cryptocurrencies.
Miscommunication Leading to Misrepresentation
FINRA’s findings point to a concerning trend in the crypto sector where communications often blur the lines between fact and fiction. Ira Gluck, senior director in FINRA’s advertising regulation department, emphasized clarity in crypto asset communication.
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