Fox Business journalist Eleanor Terrett has taken to X to react to a recent claim that she was illegally offering financial advice regarding Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).
Notably, an X user who goes by the pseudonym Crypto Guy (@cryptoguy2714) made this claim. In a recent post, Crypto Guy accused Terrett of offering financial advice regarding BTC, ETH, and XRP “when she shouldn’t be.”
The user claimed that Terrett first got people to buy XRP and also lured them to acquire BTC and ETH. Consequently, he believes the authorities should sue Terrett for allegedly engaging in this act without owning a license.
Terrett Says She Doesn’t Own Crypto
It is worth mentioning that giving financial advice without a license in the United States is a violation of the Investment Advisers Act (IAA). Consequently, prominent figures in the financial sector often steer clear of violating these rules as doing so could lead to a heavy penalty.
Reacting to the recent claims, Terrett characterized the allegation as part of the “trash” that she has to deal with on her vacation. Nevertheless, she denied giving financial advice on anything in her life, including cryptocurrencies.
Here’s the trash I have to deal with on my vacation: “Crypto guy” says I should be sued because I “had people buying” $XRP, $BTC and $ETH.
I have never once in my life given financial advice on anything.
I don’t even own any crypto. 😂 Good try bro 👋🏼 pic.twitter.com/VdMaaTaa2y
— Eleanor Terrett (@EleanorTerrett) April 3, 2024
Furthermore, the prominent journalist disclosed that she does not own any crypto due to her line of work. Terrett explained that it would likely be a conflict of interest if she chose to own cryptocurrencies.
Former SEC Official Declares Support
Expectedly, the development elicited reactions from crypto enthusiasts who have backed Terrett. Also, former SEC official Marc Fagel reacted to the recent claim.
Fagel described the claim as amusing to securities lawyers because they are well aware that Terrett does not give financial advice. However, the securities lawyer said he would love to see the Fox Business journalist foster more professional skepticism towards crypto.
While I’d love to see more professional skepticism on crypto from you, the “you’re giving illegal investment advice!” online trope is kinda funny to us securities lawyers. (You are not.)
— Marc Fagel (@Marc_Fagel) April 3, 2024
Terrett’s Crypto Stance
For the uninitiated, Terrett has become a popular figure in the crypto space due to her work in the industry. She has provided commentaries on many events in the industry, including the SEC’s regulatory approach and lawsuits against crypto entities like Ripple, Binance, and Coinbase.
Her commentary on the crypto industry prompted Binance founder and former CEO Changpeng “CZ” Zhao to follow her on X. The top crypto entrepreneur also praised her crypto commentary – a moment Terrett considers a “definite career highlight.”
While many see her as a pro-crypto journalist, she has desisted from offering financial tips regarding the nascent asset. During an interview last year, Terrett declared that she does not have stock or crypto trading tips for her growing followers.
