The US Securities and Exchange Commission (SEC) reportedly made the issuance of a subpoena for influencers who were found promoting cryptocurrencies such as HEX , Pulsechain, PulseX, among others, as reported by Cointelegraph.
“We believe that you may possess documents and data that are relevant to an ongoing investigation being conducted by the staff of the United States Securities and Exchange Commission,” Eric Wall, Swedish researcher, shared SEC’s official letter, dated November 1, 2022.
According to Cointelegraph, the letter was accompanied by a subpoena, the issuance of which was done as part of the investigation. It is believed that demand was made from questioned influencers to produce the required documents by November 15, 2022.
On the basis of information by Cointelegraph, while HEX community members reportedly objected against the findings, Wall pointed out that HEX information channels on Discord and Telegram were filled with information for preserving anonymity on data and discussions.
“Do you accept the good advice you’re given? You think you do, but do you really? Are you using secret chats with self-destruct timers? Or are you a slow learner? Is it hard for you to click buttons?” Richard Heart, founder, HEX, mentioned.
Moreover, Cointelegraph noted that Gary Gensler, chair, SEC, recently gave examples of SEC enforcement against cryptocurrency lending firm BlockFi and a former Coinbase employee for justification of the agency’s actions around violations of US securities laws while writing for the Practicing Law Institute’s Annual Institute on Securities Regulation. Insights provided by the SEC chair stated that the commission’s enforcement staff comprised of “public servants” and “cops on the beat” who were “uniting public zeal with unusual capacity.”
(With insights from Cointelegraph)