Kim Kardashian has agreed to pay more than $1 million to settle SEC charges for failing to disclose a payment she received for touting a crypto asset on Instagram.
Kim Kardashian agreed to pay more than $1 million to settle SEC charges for failing to disclose a payment she received for touting a crypto asset on Instagram. She also agreed not to promo crypto assets for three years, and will cooperate with an ongoing investigation.
Reality TV star Kim Kardashian launched a private equity fund, Skky Partners, which she co-founded with Jay Sammons, a former partner at the investment firm Carlyle Group.Kim Kardashian's crypto misadventure has landed her in hot water with federal regulators. The reality TV superstar and influencer has settled Securities and Exchange Commission charges that she failed to disclose a payment she received for touting a crypto asset on her Instagram feed, the agency announced Monday morning. "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," Gary Gensler, chairman of the SEC, said in a news release. Kardashian, who is reportedly worth $1.8 billion, agreed to pay $1.26 million to settle the charges over a promotion on's Instagram for EthereumMax's crypto asset, the SEC said. She will also cooperate with an ongoing investigation, and has agreed to not promote crypto securities for three years, the regulator added. However, Kardashian, who has built a media and lifestyle empire, neither admitted to nor denied the regulator's findings, the SEC said."Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. 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," the statement said. Kardashian has already felt regulatory heat over her EthereumMax promo, which she posted on Instagram in June of . She started the post by asking her millions of followers, "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN."earlier this yearThe SEC on Monday said Kardashian failed to report that she was paid $250,000 to publish a post about EMAX tokens, a crypto asset offered by EthereumMax. The post, which featured the hashtag "#ad," included a link to the EthereumMax website, which gives users instructions about how to buy the tokens, the regulator added. Her failure to disclose the payment was a violation of federal securities laws, the SEC said. She agreed to pay $260,000, which includes the payment she received, plus interest, in addition to the $1 million penalty, the agency added.
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