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The top U.S. financial regulator penalised Kim Kardashian for promoting a cryptocurrency on Instagram without revealing she was compensated.
Kardashian agreed to pay a $1 million fine, but she did not confess or deny wrongdoing. She’ll return $260,000, including her corporate payout and interest.
SEC head Gary Gensler said Ms. Kardashian’s case reminds celebrities and others that the law compels them to declare when and how much they are paid to encourage investment in securities.
Kardashian was paid $250,000 to promote Ethereum Max’s EMAX tokens.
Her message allegedly “instructed investors how to buy EMAX tokens.” This breaches a federal “anti-touting” legislation.
Companies have spent millions on marketing as crypto’s popularity grew. Many Celebrities have been blamed for promoting Bitcoin and other digital currencies when their value fell.
As more celebrities advertise products online, regulators are making sure they meet guidelines.
The FTC has pushed down on celebrities and social media influencers who don’t declare their relationships or product sponsorships.
In an agreement with the SEC, Kardashian agreed not to promote crypto assets for three years.
NPR has contacted Kardashian.
#kimkardashian #security #cryptocurrency #npr #cryptoscam #keepingupwiththekardashians
2 Comments
Cool video! I had no idea this was illegal!
Absolutely disgusting decision Kim is a good person does not need this fake news