Kim Kardashian to pay $1.26 million to settle SEC charges she failed to disclose $250,000 she received for touting a crypto asset on her Instagram feed
Kim Kardashian agrees to pay after being busted for receiving crypto payment
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Kim Kardashian has agreed to pay more than a cool million to settle with DEC after she failed to disclose a $250,000 payment she received to promote crypto on her Instagram.
She has also agreed not to tout any more crypto assets for three years and to fully cooperate with ongoing investigations.
The SEC found that Kardashian had failed to disclose the payment from EthereumMax to promote EMAX tokens for crypto assets.
“This case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto-assets, that doesn’t mean those investment products are right for all investors,” SEC Chairman Gary Gensler said in a press release.
‘Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investment in securities,” added Chairman Gensler.
More to follow…
The reality TV star posted an ad for Ethereum Max – a digital ‘token’ similar to Bitcoin – on Instagram on Sunday. She said, ‘Are you guys into crypto??? This is not financial advice, but sharing what my friends told me about the Ethereum Max token!’