A top watchdog overseeing brokerage firms and exchange markets says 70 percent of communications about crypto may have violated its rules to be fair and balanced with the public. 

The Financial Industry Regulatory Authority, or FINRA, found some common themes in a sweep of its member firms, including false statements that crypto functioned like cash or cash equivalents. It also saw comparisons of crypto to other assets such as stocks and misrepresentations that federal securities laws or FINRA rules applied to crypto, according to a report released on Tuesday. 

FINRA, which is overseen by the Securities and Exchange Commission, began the sweep in November that was tasked with reviewing member firms' communications with retail customers related to crypto and crypto …