Top Posts
Biden funding both sides of Israel-Hamas war
Biden admin reacts to temporary cease-fire deal between...
Paris Hilton praises GOP lawmakers for sponsoring bipartisan...
GOP senators raise concerns over ‘suddenly’ reassigned director...
Second senator calls for Israel-Hamas cease-fire
House Democrat Anna Eshoo announces she will not...
Iran-backed militia hits US forces at Iraq air...
Timeline of decades-long Israeli-Arab, Palestinian conflict
Top Oversight Democrat slams GOP for keeping Hunter...
MSFT Stock At Record High: Is Now the...
Major Gross Profit – Investing and Stock News
  • World News
  • Politics
  • Investing
  • Stock
  • Editor’s Pick
Politics

Kim Kardashian pays $1.26 million fine for paid crypto ad, SEC says

by October 4, 2022
October 4, 2022

WASHINGTON, Oct 3 (Reuters) – Kim Kardashian has promoted everything from appetite-suppressing lollipops to melon-flavored liqueur to toilet paper, but it was her foray into the murky world of cryptocurrencies that got her into hot water.

The reality television star and influencer has agreed to settle charges of unlawfully touting a crypto security and to pay $1.26 million in penalties and fees, the US Securities and Exchange Commission said on Monday.

Kardashian, who has 330 million followers on Instagram and 73.7 million followers on Twitter, failed to disclose that she was paid $250,000 by crypto company EthereumMax to publish an Instagram post about its EMAX tokens, the SEC said.

The SEC in November 2017 warned celebrities looking to cash in on the emerging digital asset space that U.S. rules require they disclose when they are being paid to endorse crypto tokens.

Since then it has pursued a handful of other celebrities, including action film star Steven Seagal, music producer “DJ Khaled” and boxer Floyd Mayweather Jr. for breaking that rule, but Kardashian is arguably the most high profile. Read full story

Her post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens. “Sharing what my friends just told me about the EthereumMax token!” the post read.

Under U.S. law, people who tout a certain stock or crypto security need to disclose not only that they are getting paid to do so, but also the amount, the source and the nature of those payments, SEC Chair Gary Gensler said on Monday.

“This was really to protect the investing public – when somebody is touting that stock and whether that’s a celebrity or an influencer or the like, and that’s at the core of what this is about,” Gensler said in an interview with CNBC.

“I want to acknowledge Miss Kardashian cooperating and ongoing cooperation. We really appreciate that,” Gensler added.

Kardashian has agreed to pay the charge without admitting or denying the SEC’s findings. Her lawyer Michael Rhodes said Kardashian was pleased to have resolved the case.

“She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits,” Rhodes said in a statement.

 

ONGOING LAWSUIT

Kardashian is also named, along with boxer Mayweather and former basketball star Paul Pierce, in an ongoing lawsuit filed in January by investors who allege they suffered losses after the celebrities promoted EMAX. Read full story

EMAX tokens have declined around 98% since June 13, 2021, when Kardashian posted about them on Instagram to her then 225 million followers, according to the website CoinMarketCap.com.

Last month, Kardashian, who has expanded her footprint in the world of finance, launched a new private equity firm focused on investing in consumer and media businesses.

Regulating cryptocurrency markets has been high on the SEC chair’s agenda this year, as prices of digital assets suffer wild swings due to heightened recession fears, rising interest rates and geopolitical turmoil. Read full story

previous post
UN pushes for cut in global fertilizer prices to avoid ‘future crisis’
next post
Where Artificial Intelligence Can Expose Leftist Vote Fraud

related articles

Biden funding both sides of Israel-Hamas war

November 30, 2023

Biden admin reacts to temporary cease-fire deal between...

November 30, 2023

Paris Hilton praises GOP lawmakers for sponsoring bipartisan...

November 30, 2023

GOP senators raise concerns over ‘suddenly’ reassigned director...

November 30, 2023

Second senator calls for Israel-Hamas cease-fire

November 30, 2023

House Democrat Anna Eshoo announces she will not...

November 30, 2023

Iran-backed militia hits US forces at Iraq air...

November 30, 2023

Timeline of decades-long Israeli-Arab, Palestinian conflict

November 30, 2023

Top Oversight Democrat slams GOP for keeping Hunter...

November 30, 2023

Argentina Agonistes: The Separation of Money and State

November 29, 2023
Join The Exclusive Subscription Today And Get Premium Articles For Free

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Recent Posts

  • Biden funding both sides of Israel-Hamas war
  • Biden admin reacts to temporary cease-fire deal between Israel and Hamas, release of hostages
  • Paris Hilton praises GOP lawmakers for sponsoring bipartisan Stop Institutional Child Abuse Act
  • GOP senators raise concerns over ‘suddenly’ reassigned director at the Department of Energy
  • Second senator calls for Israel-Hamas cease-fire

Editor’s Pick

MSFT Stock At Record High: Is Now the...

November 30, 2023

The Final Episode: Jesse Livermore Insights and Holding...

November 29, 2023

Follow This Powerful Seasonal Playbook in Election Years

November 29, 2023

The Halftime Show: Are Rate Cuts on the...

November 29, 2023

The Ord Oracle November 28, 2023

November 29, 2023
Footer Logo
  • About Us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Copyright © 2023 MajorGrossProfit.com All Rights Reserved.

Major Gross Profit – Investing and Stock News
  • World News
  • Politics
  • Investing
  • Stock
  • Editor’s Pick