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Cryptocurrency: Kim Kardashian settles SEC charges over EthereuMax crypto ad post, to pay $1.26M
Kim Kardashian was charged by the U.S. Securities and Exchange Commission due to her ad post about a crypto token EthereuMax last year. She was charged by the federal regulators for failing to disclose a payment she received for the promotion on her Instagram page.
This week the SEC revealed that the 41-year-old American media personality agreed to settle the charges for the non-disclosure of payment for her advertisement that encourages her 328 million followers to invest in EthereuMax. According to CNBC, Kardashian also agreed to cooperate with an ongoing probe and will comply with the regulator’s condition of not promoting crypto securities for three years.
Kardashian will be paying $1.26 million in penalties to the SEC for the settlement of the charges and this was announced by the commission on Monday, Oct. 3. The national government regulatory agency’s order to charge Kardashian after it was discovered she was paid $250,000 to publish the EthereuMax crypto ad on her social media page in June 2021, but she did not disclose this payment.
Her post also included a link to the EthereumMax website, where instructions on how to buy EMAX tokens are posted for potential investors. EthereumMax is a tradable crypto token asset built on pre-existing cryptocurrency technology. Due to its extensive promotion online, it has become one of those tokens that have raised doubts from skeptics.
"This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors," SEC chairman Gary Gensler stated in a press release. "We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals."
He added, "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 investing in securities."
Kim Kardashian did not admit or deny the SEC’s findings, and in a statement, her lawyer said that his client is pleased to have resolved the issue. The federal regulator also divulged that Kardashian fully cooperated with the investigation from the start and is still willing to do whatever she can to help the commission.
Finally, the influencer and businesswoman reached an agreement with the SEC to avoid prolonging the disputes and move forward with her other business pursuits.