With the Securities and Exchange Commission (SEC) releasing the final Crypto-Asset Service Provider (CASP) rules, #CryptoPH thought leaders and community members have shared their reactions to the draft.
However, it must be noted that the rules have already been finalized, and feedback and requests for revisions are no longer being accepted.
New CASP Rules
On May 30, 2025, the SEC officially released the final version of its CASP rules, significantly broadening the scope of what is considered “marketing” for crypto-related services in the country.
Under its Section 7, marketing now includes nearly all public-facing communications, such as social media posts, educational materials, events, advertisements, and even airdrops.
The change is a shift from the December 2024 draft, adding more comprehensive oversight to prevent scams and misleading promotions.
Compared to the previous draft, the final version adds more clarity on exemptions, tightens the rules on liability, and introduces stricter standards for transparency and risk disclosure.
Buenaventura: SEC Rules Primarily Aimed at Stopping Scammers
Following the release of the final rules, Luis Buenaventura, the head of GCash’s crypto trading feature GCrypto, discussed whether the Commission is banning crypto education. However, the GCrypto head expressed also belief that the SEC’s new rules are primarily aimed at stopping scammers, such as fake crypto educators or influencers promoting Ponzi schemes, MLMs, or fraudulent platforms.
“I think what these rules are really trying to target are scammers, right? People who will go on YouTube, call themselves a crypto educator, call themselves a crypto guru, and then sell you something like a pyramid scheme, a Ponzi scheme, an MLM, or some kind of like last year’s Meta the Max scam, it looked like there was at least a couple million dollars worth of Philippine based investments in that scam. And then within within two months, it was all gone. They never got the money on, right? So I think that scammers were the first one.”
Luis Buenaventura, Head of GCrypto and Vice President, GCash
Does SEC Ban “Crypto Education”?
He also discussed what the guidelines could mean for crypto educators, key opinion leaders (KOLs), and influencers on one of his “The Drawing Board” videos.
Buenaventura highlighted Section 7 of the SEC’s CASP Rules as critical for educators and influencers, noting its broad definition of “marketing” to include social media posts, events, airdrops, and even educational content.
The GCrypto head questioned the practicality of the SEC’s “good faith” exemption, pointing out that any form of compensation, whether it is monetary or not, could disqualify content as educational. He emphasized that even minor perks, like free merchandise, may be seen as biased, making it difficult for content creators to prove their intent is purely educational.
Moreover, Buenaventura added that if educational content is not made in good faith or involves compensation, the SEC may classify the creator as a third-party service provider of a CASP. This can make them subject to the same penalties and regulations as licensed crypto firms.
He also noted that even general crypto education, without mentioning specific brands, could require registration as a financial advisor if it offers strategic advice like staking or trading.
“I think all forms of marketing should be plain, clear, and concise and should disclose associated risks. I think that’s just being a responsible influencer or KOL or whatever. We’re going to talk about crypto, then you need to be able to also explain that there are risks involved and what those risks are.”
Luis Buenaventura, Head of GCrypto and Vice President, GCash
Buenaventura also stressed the importance of transparency, saying influencers should clearly disclose sponsorships. Failing to do so misleads followers and violates basic ethical standards.
“You need to be able to disclose the you are sponsored… I think it’s very important that this is just, you know, to be honest, I think it’s just fair that if you are receiving money from brands and protocols or exchanges or whatever, you should make it very obvious that you are sponsored by these exchanges. I think that if you didn’t do that, then you are not being transparent, right? Your followers need to know that you are receiving a paycheck from the brands that you are talking about. I think that’s just fair.”
Luis Buenaventura, Head of GCrypto and Vice President, GCash
Note: After his discussion with the SEC, Buenaventura released a new video with an updated comments on the CASP rules. Watch it here.
Web3 KOLs’ View
- Eliezer Rabadon: Transparency is important.
- Kookoo Crypto TV: The guidelines protect the industry from bad actors.
- Shanks: The CASP rules need guidelines for legit educators.
- Shun: The industry is willing to comply as long as there are clear guidelines.
Buenaventura’s sentiment about transparency was followed by DvCode CEO Eliezer Rabadon who noted in his Facebook repost of Buenaventura’s video that the SEC CASP guidelines aim primarily to curb scams and misleading promotions. He emphasized the importance of transparency, especially around sponsored content, noting that ethical disclosure alone may not be sufficient.
“If your actions are in good faith and well-intentioned, you’re probably okay.”
Eliezer Rabadon, Chief Executive Officer, DvCode
On the other hand, web3 content creator Kookoo CryptoTV expressed optimism about the new SEC guidelines, noting that they primarily target bad actors like investment scammers.
However, he emphasized the need for clearer regulations on crypto assets and hoped the rules would also provide protections and benefits for the industry. He also called for a formal roundtable discussion with the SEC.
Shanks, a web3 game content creator and YGG community member, also emphasized that content creators should clearly disclose if their videos are sponsored. He hopes the SEC will issue more detailed guidelines to avoid discouraging legitimate educators.
With many newcomers still falling victim to scams and phishing in crypto, he stressed the need for more trustworthy educational content.
In a separate video, content creator and founder of Project One Percent, Shun also shared his opinion on the finalized rules. He expressed disappointment over the stricter regulations now impacting crypto-focused influencers like himself.
Shun specifically highlighted the guideline on airdrops, noting that it does not only affect influencers but also every crypto enthusiast participating in airdrop campaigns. He added that the country might even face geoblocking, potentially losing access to token allocations from various web3 projects.
“On the other hand, kailangan talaga natin to kasi we’re going to [aim for] mass adoption so kailangan na ng regulation talaga. Wala naman talaga problema sa regulation; kahit nga magpasa ng tax okay lang. Tax sa kinikita namin sa crypto or as a content creator basta may clear na guidelines kung paano kami makakasunod.”
Shun, Content Creator and Founder, Project One Percent
[Translation: “On the other hand, we really need this because we are aiming for mass adoption, so regulation is necessary. There’s really no problem with regulation; even if they impose taxes, that’s fine. Taxes on what we earn from crypto or as content creators are okay, as long as there are clear guidelines on how we can comply.”]
He also stressed that the regulation will also protect investors from bad actors in the industry.
This article is published on BitPinas: #CryptoPH Community Reacts to SEC’s Final Rules on Crypto-Asset Service Providers
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