The mock HoweyCoins ICO—a nod to the so-called Howey test that helps determine whether an asset qualifies as a regulated security or not—was “launched” yesterday. “We embrace new technologies, but we also want investors to see what fraud looks like, so we built this educational site with many of the classic warning signs of fraud,” SEC Chairman Jay Clayton (pictured above) said in a statement. The SEC used a similar tactic in 2002 to educate investors about stock market scams.

The website looks pretty legit. Celebrity boxer endorsement? Check. Anxiety-inducing countdown clock? Check. Vaguely written, content-free “white paper”? Of course (pdf).

SEC’s mock ICO
SEC’s mock ICO
Image: Securities and Exchange Commission

When you click “Buy Coins Now,”  you’re let in on the ruse and taken to a page that describes five red flags to watch out for when considering investing in an ICO:

The SEC pointed out that it was able to build the mock ICO website very quickly, highlighting how easy it is for scammers to manufacture such a scheme. That seemed to be one of the few quibbles from Reddit connoisseurs, one of whom argued that the website was a bit corporate, lacking the hipster touch and “the stupid effects ICO webdevs put on.” The SEC still can’t be accused of being cool, but it has pitched its warning about crypto scams in an almost perfect way.

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.