US activists accuse 19 celebrities of deliberately promoting low-quality cryptocurrency tokens

The nonprofit consumer protection organization Truth in Advertising (TINA.org) reported on its website that it had conducted an investigation among «celebrities who promote NFTs on their social media,» finding that «this is an area full of deception.»

The list of activists includes sports stars Floyd Mayweather and Tom Brady, rappers Eminem and Snoop Dogg, and several Hollywood actresses. The activists sent letters to each of them urging them to immediately disclose any material ties they have to NFT companies or brands.

Earlier, Truth in Advertising activists sent letters of accusation to the legal teams of Justin Bieber and Reese Witherspoon for advertising NFTs on their social media. Bieber’s legal team denied any illegal actions on the part of the musician. In turn, Witherspoon’s legal team contacted TINA.org and stated that the actress does not receive any material benefits from promoting NFT.

In a blog post on its website, TINA.org wrote that the celebrities in question may have violated the Federal Trade Commission’s (FTC) rules on the use of endorsements and testimonials in advertising. However, there has been no publicity so far about celebrities being legally penalized for promoting NFTs or cryptocurrencies.