Watch: Kim Kardashian Ordered By SEC to Pay Up For Crypto Scheme

Written By BlabberBuzz | Wednesday, 05 October 2022 05:15
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Kim Kardashian feels the heat as the FTC cracks down on bloggers and influencers for not disclosing paid promotions.

The Securities and Exchange Commission, or SEC, orders Kardashian to pay a massive fine for her crypto scheme.

According to Bloomberg, “Kim Kardashian will pay $1.26 million to settle Securities and Exchange Commission allegations that she broke US rules by touting a crypto token without disclosing she was paid for the promotion.”

Bloomberg continues, “The SEC said Monday Kardashian was paid $250,000 to post on her Instagram account about EMAX tokens, a crypto asset offered by EthereumMax. Kardashian didn’t deny the regulator’s allegations as part of the settlement, in which she agreed not to tout any digital assets for three years.”

This incident isn’t the only time the SEC intervened due to celebrities doing the same thing Kardashian did. Bloomberg reports, “Wall Street’s main regulator has previously warned that celebrities are touting cryptocurrencies it deems securities. Celebrities need to make clear to investors if they receive payment for the backing. In 2018, the regulator fined boxer Floyd Mayweather and music producer DJ Khaled for refusing to disclose payments received for hyping initial coin offerings.”

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Kardashian is an example to all celebrities, and the SEC ensures it’s a good example.

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Zerohedge.com quotes a statement from the SEC: “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that they are right for all investors,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their financial goals.”

Celebrities, bloggers, and influencers must disclose how much they receive for sponsored posts. This event remains a reminder that the law applies to everyone, and celebrities like Kim Kardashian are not above the law. It’s time to stop using celebrity status to prey on Americans via crypto schemes.

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