Kim Kardashian charged by SEC for pushing crypto, reaches $1.26M settlement




 

The U.S. Securities and Exchange Commission (SEC) is charging Kim Kardashian for "unlawfully touting" a "crypto security," the agency announced on Monday morning. The SEC says that Kardashian was in violation of its rules when she promoted a "crypto asset security offered and sold by EthereumMax" without the necessary disclosure that she was paid to promote it.

Kardashian has already agreed to settle the case, with a $1.26 million penalty payment, and to help the SEC with its ongoing investigation.

The agency specified that Kardashian should have disclosed a $250,000 payment she received to publish a post about EtherumMax's EMAX tokens on her Instagram account. The settlement reached with the SEC by Kardashian includes a $260,000 payment that represents that original amount, plus interest, as well as $1 million in penalties.

SEC Chair Gary Gensler separately posted a message on Twitter about the settlement, noting that that celebrity endorsements should not be construed as financial advice basically. This could be a shot across the bow that indicates more enforcement activity is on the table for high-profile celebs who rode the crypto wave by touting specific assets to fans.

Developing...

COMMENTS

More Related News

ACC/SEC Challenge to begin with 2023-24 college basketball season
ACC/SEC Challenge to begin with 2023-24 college basketball season

The ACC and SEC will launch a new college basketball series beginning in 2024-2025 they announced with ESPN.

Final 2022 SEC standings following conclusion of regular season
Final 2022 SEC standings following conclusion of regular season

Here's how the standings ended up in the league at the conclusion of the regular season.

CME Head Appears To Say He Bribed CTFC Official
CME Head Appears To Say He Bribed CTFC Official

Terry Duffy made the slip while speaking to Tucker Carlson on Fox News.

No surprise: Arkansas not among seven SEC teams in and about USA TODAY Sports Coaches Poll
No surprise: Arkansas not among seven SEC teams in and about USA TODAY Sports Coaches Poll

The SEC saw six teams ranked in the final regular-season Coaches Poll, tied with Pac-12 for most.

Can the SEC stop Auburn from hiring Hugh Freeze as football coach? Here
Can the SEC stop Auburn from hiring Hugh Freeze as football coach? Here's what league bylaws say

Auburn football is looking for a new coach. Can the SEC stop AU from hiring Hugh Freeze, who left Ole Miss under a cloud? Here's what the league says.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy