On 6 September 2021 Charles Randell, the Chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator, gave a speech to the Cambridge International Symposium on Economic Crime about the risks of token regulation.
In the wide-ranging speech, the Chair commented on cryptoasset scams, the role of the FCA in combatting financial crime online and the need for new legislation and FCA powers to address consumer harms associated with online paid-for cryptoasset promotions and scams.
Cryptoasset promotions and scams
The Chair noted that a Kim Kardashian post where she asked her 250 million Instagram followers to speculate on tokens by “joining the Ethereum Max Community” may have been the financial promotion with the single biggest audience reach in history.
While Kim Kardashian did disclose that her post was an advertisement, she did not disclose that Ethereum Max – not to be confused with Ethereum – was a…