The U.S. Securities and Exchange Commission (SEC) released a public statement earlier today regarding a potentially unlawful promotion of ICOs (Initial Coin Offerings) and other investments like stocks by celebrities and others. The statement read, “These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement.” The SEC advises potential investors to wary of investments that sound too good to be true and encourages them to research them carefully.

Actor Jamie Foxx (Cobinhood) and William Shatner (Datum), athlete Floyd “Money” Mayweather (Stox), DJ Khaled (Centra), and even Paris Hilton (Lydian) have publically endorsed ICO projects in recent months.