Look at almost any crypto ad on TV and you’re likely to see a celebrity looking back at you. From Larry David to Matt Damon to LeBron James, prominent figures are peddling the latest in money-making instruments.

They’re certainly not the first. As the Financial Times reported in 2018, mainstream financial institutions, including Goldman Sachs and State Street, have hired celebrities like JoJo Fletcher (“The Bachelorette”) and Elizabeth Banks (“The Hunger Games”), respectively, to sell things like home loans and ETFs.

“Authority has been turned upside down,” Ana Andjelic, a brand strategist and sociology expert, said at the time. “You do not need to have expertise any more to have authority—the size of your social media following is your authority.”

But four years of hindsight, especially the underwhelming results of crypto’s Super Bowl ad blitz, suggest the power of celebrity endorsements in finance is overhyped, or, at the least, uneven.

So, what’s next for celebrities in finance? What may keep influencer-forward strategies going—or make them stop in their tracks?

1. Financial rewards are massive

Celebrities can cash impressive checks for their endorsements of particular financial products or brands, sure, but tapping into the world of finance, especially its investors, can be an even bigger boon for these notable figures. NFL star Tom Brady, for example, recently saw his NFT platform raise $170M in Series B funding from a16z, Kleiner Perkins, and others. Brady dove into crypto a few years ago, and even took an equity stake in FTX.

In that sense, celebrities can endorse certain projects with both their voice as well as their deep pockets, and, in the process, expect a return on their investment.

2. Regulatory hazards are clearer

In November 2017, the SEC published an investor alert about celebrity endorsements. “It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment,” the SEC warned. “Celebrities, like anyone else, can be lured into participating (even unknowingly) in a fraudulent scheme.”

Influencers have been the subject of serious legal scrutiny since that warning came out. A class action lawsuit against EthereumMax listed both Kim Kardashian and Floyd Mayweather as defendants. The plaintiffs allege that celebrity endorsers made false or misleading statements through their sponsored posts. Kardashian promoted EthereumMax to her 200 million followers; it lost 97% of its value seven months later.

Given these high risks, we might expect celebrities to be more careful in what kinds of financial projects they decide to associate with. FIs like State Street and Goldman conduct extensive compliance checks before marketing their products, and are therefore much less likely to land a celebrity in hot water.

3. The economy is rockier

Not that the stock market is the sole marker of economic health, but things aren’t looking great on Wall Street. The S&P 500 is riding its longest losing streak in over a decade. Inflation remains high, and consumer confidence is low. As investors search for steadier and more promising venues to make money, the celebrity endorsements are sure to follow.

In crypto, for example, retail investor interest has decreased in the past few months, but money from institutional investors keeps flowing. We might see more ad and marketing spend go into B2B segments, affecting both the kinds of celebrities being tapped for partnerships—thought leaders in finance, for example, instead of actors—as well as the content of their endorsements.

Whatever the future of finance holds, it seems increasingly unlikely that we’ll see another crypto ad blitz like the one at this year’s Big Game, but celebrities will be involved in some measure—whether as boosters, investors, or even just consumers.