The U.S. SEC filed charges against the celebrity and socialite Kim Kardashian for unlawfully promoting the crypto asset Ethereummax. Kardashian agreed to pay $1.26 million to settle the charges.
On Monday, the U.S. Securities and Exchange Commission filed charges against the celebrity and socialite Kim Kardashian for unlawfully promoting the crypto asset Ethereummax. The U.S. regulator detailed that Kardashian agreed to settle the charges and pay $1.26 million in penalties, and plans to cooperate with the SEC’s ongoing investigation.
Kardashian Charged by SEC, Celebrity Agrees to Pay $1.26M in Penalties and Will Not Tout Any Crypto Assets for 3 Yearson the reality television series star Kim Kardashian and how she was shilling a token called ethereummax . At the time, she shared an Instagram post that was marked as an “#AD,” and Kardashian said she was “sharing what my friends just told me about the Ethereum Max token.
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. Essentially, the SEC order notes that the reality TV star and socialite violated anti-touting laws. Without any admission or denial, Kardashian agreed to settle with the SEC for $1.26 million which includes roughly $260,000 in disgorgement penalties. Furthermore, Kardashian has promised not to shill any crypto asset-related securities for three years.
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