Former SEC official John Reed has issued a warning to social media influencers who promote cryptocurrencies and manipulate their prices, stating that they will soon face anti-fraud rules. Reed criticized the brazen and arrogant behavior of many crypto promoters who manipulate their victims in plain view. The crypto industry is still largely unregulated, allowing influencers to engage in fraud and manipulate cryptocurrency prices for their own benefit. Reed cited the example of Ricky Bobby, who was charged by the SEC for manipulating exchange-traded stocks through social media platforms.