These penalties follow a crackdown that the SEC imposed on cryptocurrency companies that were also illegally promoting themselves via social media channels and famous influencers like DJ Khaled and Floyd Mayweather.While Wealthfront and Hedgeable are real companies offering tangible services (unlike many of the obviously fraudulent cryptocurrency schemes that the SEC has been monitoring), the SEC investigations coupled with the botched rollout of brokerage accounts from the free trading service Robinhood show that even viable fintech companies are under the regulatory microscope.

As these services become more popular and their assets under management continue to grow, they may find that more regulators will be knocking at startups’ doors.