The government has entered the conversation on celebrities shilling crypto.

In a public service campaign launched last week, the U.S. Securities and Exchange Commission (SEC) cautioned retail investors on heeding unreliable financial advice, “because investing is not a game,” per a voiceover. One 15-second spot, dubbed “Crypto,” shows a woman playing a “Jeopardy”-like game show and losing when she bets her money on the category, “Celebrity Endorsements.”

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“You should buy crypto—trust me, I’m an actor,” says a man in a video that plays once the category is selected. The game show audience gasps in disbelief upon hearing his statement. Other visible categories are subtle mocks of crypto, including “Crypto To The Moon” and “Tulip Bulbs”—a nod to the historic Tulip mania to which crypto often is compared.

The ad takes aim at a marketing tactic that has become popular amongst crypto brands vying for mainstream consumer adoption. Crypto exchange FTX has teamed with Tom Brady and Steph Curry in national spots where they promote digital currency trading on the platform; Crypto.com tapped Matt Damon, LeBron James and Joel Embiid on similar efforts; and CoinFlip, a Bitcoin ATM operator, partnered with Neil Patrick Harris for a TV commercial last summer. These types of ads reached a fever pitch during this year’s Super Bowl, which some aptly called the “Crypto Bowl.”

Since crypto is still largely an unregulated and volatile asset class, critics have rebuked the use of celebrities as a form of deceitful advertising that could cost uninformed investors substantial money. The celebrities themselves are even receiving blame for not highlighting the risks of such investments.

'Investomania'

With the SEC now weighing in, the marketing tactic is facing some of its sharpest disapproval yet. The agency has yet to establish any regulations on crypto, although it has plans to eventually do so, according to SEC Chair Gary Gensler. It also recently beefed up its enforcement staff that oversees the digital asset class. 

As for crypto exchanges, they don’t appear to be backing away from their marketing strategies. FTX last week announced that Shaquille O’Neal, who had a voiceover in its Steph Curry ad, will be its newest ambassador. This comes as the crypto market faces a months-long downturn amid volatility propelled by a series of macroeconomic conditions. Shares of Coinbase, the biggest crypto exchange in the U.S., fell more than 75% in the past six months.

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The SEC’s campaign, dubbed “Investomania,” also takes shots at other risky investments. Two 15-second spots—“Easy Money” and “Margin”—warn viewers of so-called “guaranteed returns” and borrowing money, respectively. A final 30-second spot criticizes blind investment in “meme stocks,” which blew up last year when day traders on Reddit drove up the prices of stocks like Gamestop and AMC.

The SEC's campaign is garnering some backlash from crypto enthusiasts and others from the non-institutional side of investing, who accused the organization of ridiculing retail investors who are simply interested in entering the market, per a report by CoinMarketCap Alexandria. Even Lisa Braganca, a former SEC branch chief, called the campaign “very disappointing” on Twitter. 

The ads, which are available on the SEC’s YouTube page, have seen combined hundreds of thousands of views, with one 30-second ad accounting for over 300,000 views alone.