Kim Kardashian is being charged by the SEC AGAIN and agrees to pay a $1.3 Million fine.
Kim Kardashian agreed to pay $1.26 million to the Securities and Exchange Commission to settle civil charges. This was after Kim Kardashian posted an Instagram post about EthereumMax, a cryptocurrency asset.
Video source: WION
Kardashian was charged by the SEC with failing to disclose that she had been paid $250,000 to post her Instagram post. Kardashian agreed to pay the fine and cooperate with the ongoing investigation by the SEC.
Gary Gensler, SEC Chair, stated that “this case is a reminder” that celebrities and influencers don’t necessarily endorse investment opportunities (including crypto asset securities). We encourage investors to evaluate investment options’ potential risks and benefits in light of their financial goals.
Kardashian also committed to not promoting crypto securities for the next three years.
“Ms. “Kardashian was open to cooperating with the SEC right from the beginning. She is willing to help the SEC in any way she can.” She wanted to put this matter behind her to avoid a prolonged dispute. She agreed with the SEC to allow her to continue her business endeavors.
Kim Kardashian fined video
SEC determined that Kardashian had violated federal securities laws’ anti-touting provision. Kardashian accepted the order without acknowledging or denying the findings of the SEC.
The settlement involves a $1,000,000 fine and forfeiture of the $250,000 she received.
Gensler stated in a tweet that “any celebrity’s or influencers’ incentives aren’t necessarily aligned to yours.” He also said that the investing public shouldn’t confuse the skills of celebrities with the very different skills required to provide appropriate investment advice.
According to Charles Whitehead, a Cornell Law School professor, the SEC might have targeted Kardashian to send a message about cryptocurrencies and other investment assets. It was a “shot across his bow” for celebrities who endorse cryptocurrencies.
Whitehead stated, “It’s an opportunity to signal to other influential: If you’re thinking of dealing with crypto, think again.” Whitehead said that she is being used by the SEC as an influencer but only to increase compliance with securities laws. It’s wise to draw attention to the issue so that others don’t.
BREAKING: Kim K will not be promoting any cryptos on her socials for the next three years, on top of the $1.26M fine 👀https://t.co/nrQ2bJ9Os3
— CoinMarketCap (@CoinMarketCap) October 3, 2022
Kardashian is not the only celebrity to be fined by the SEC for their influence on cryptocurrencies. Floyd Mayweather Jr., a boxer, and DJ Khaled, a music producer, were each fined for their impact on cryptos in 2018. Mayweather paid $300,000 and had to pay a little more than $600,000. Khaled, who was paid $50,000, received penalties exceeding $150,000. Steven Segal, an actor who did the same thing in 2020, was also penalized more than $300,000.
Kardashian posted an Instagram message on June 13, 2021, asking her followers, “Are your guys into crypto?” “This is not financial advice, but sharing what my friends said to me about the Ethereum max token!” Kardashian added several hashtags, including #ad and #disrupthistory.
According to the SEC, she had 225,000,000 Instagram followers when posting.
Gensler stated Monday that the #ad does not suffice to conform to SEC laws regarding investment promotion.
Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.
This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
— Gary Gensler (@GaryGensler) October 3, 2022
Many rules apply to advertising perfumes, vacation homes, or other items on the internet. He said that these laws are securities laws.
According to Forbes, Kardashian’s net worth is estimated at $1.8 million. According to the Federal Reserve’s most recent estimates, a $1.26 million fine would be equivalent to a $100 fine for a typical American family with a net worth of around $122,000.
Kim Kardashian is being charged by the SEC AGAIN and agrees to pay a $1.3 Million fine.
Kim Kardashian agreed to pay $1.26 million to the Securities and Exchange Commission to settle civil charges. This was after Kim Kardashian posted an Instagram post about EthereumMax, a cryptocurrency asset.
Kardashian was charged by the SEC with failing to disclose that she had been paid $250,000 to post her Instagram post. Kardashian agreed to pay the fine and cooperate with the ongoing investigation by the SEC.
Gary Gensler, SEC Chair, stated that “this case is a reminder” that celebrities and influencers don’t necessarily endorse investment opportunities (including crypto asset securities). We encourage investors to evaluate investment options’ potential risks and benefits in light of their financial goals.
Kardashian also committed to not promoting crypto securities for the next three years.
“Ms. “Kardashian was open to cooperating with the SEC right from the beginning. She is willing to help the SEC in any way she can.” She wanted to put this matter behind her to avoid a prolonged dispute. She agreed with the SEC to allow her to continue her business endeavors.
SEC determined that Kardashian had violated federal securities laws’ anti-touting provision. Kardashian accepted the order without acknowledging or denying the findings of the SEC.
The settlement involves a $1,000,000 fine and forfeiture of the $250,000 she received.
Gensler stated in a tweet that “any celebrity’s or influencers’ incentives aren’t necessarily aligned to yours.” He also said that the investing public shouldn’t confuse the skills of celebrities with the very different skills required to provide appropriate investment advice.
According to Charles Whitehead, a Cornell Law School professor, the SEC might have targeted Kardashian to send a message about cryptocurrencies and other investment assets. It was a “shot across his bow” for celebrities who endorse cryptocurrencies.
Whitehead stated, “It’s an opportunity to signal to other influentials: If you’re thinking of dealing with crypto, think again.” Whitehead said that she is being used by the SEC as an influencer but only to increase compliance with securities laws. It’s wise to draw attention to the issue so that others don’t.
Kardashian is not the only celebrity to be fined by the SEC for their influence on cryptocurrencies. Floyd Mayweather Jr., a boxer, and DJ Khaled, a music producer, were each fined for their impact on cryptos in 2018. Mayweather paid $300,000 and had to pay a little more than $600,000. Khaled, who was paid $50,000, received penalties exceeding $150,000. Steven Segal, an actor who did the same thing in 2020, was also penalized more than $300,000.
Kardashian posted an Instagram message on June 13, 2021, asking her followers, “Are your guys into crypto?” “This is not financial advice, but sharing what my friends said to me about the Ethereum max token!” Kardashian added several hashtags, including #ad and #disrupthistory.
According to the SEC, she had 225,000,000 Instagram followers when posting.
Gensler stated Monday that the #ad does not suffice to conform to SEC laws regarding investment promotion.
Many rules apply to advertising perfumes, vacation homes, or other items on the internet. He said that these laws are securities laws.
According to Forbes, Kardashian’s net worth is estimated at $1.8 million. According to the Federal Reserve’s most recent estimates, a $1.26 million fine would be equivalent to a $100 fine for a typical American family with a net worth of around $122,000.
Kim Kardashian, was she liable for the crypto fine?
This week was unusual for crypto. Reality T.V. star Kim Kardashian was the first to be fined by the SEC for promoting cryptocurrency in a #ad on social media. We also had to discuss Dogecoin’s rallying around Elon’s Twitter deal.
The chain reaction is where you’ll find the most recent crypto news, drama, and trends. We break down the blocks for the crypto-curious and unpack them all.
We had a lengthy conversation with Kim Kardashian about the $1.26 million she was fined by the SEC for advertising unregistered security. In this case, it was a token called EthereumMax. We also discussed the following:
- The latest crypto news concerns Elon Musk’s renewed bid for Twitter and how the crypto markets react.
- It’s a positive sign for the space that crypto is losing more to thefts, hacks, and accidents.
Kim Kardashian was fined for promoting crypto; why did other celebrities not get fined?
The latest victim in the digital-asset crash of 2022 is celebrities. The Securities and Exchange Commission fined Kim Kardashian more than $1 million for illegally promoting cryptocurrency.
The cryptocurrency was not just a matter of Kardashian’s attention. While prices were at record highs, celebrities such as Matt Damon, Larry David, Reese Witherspoon, and Gwyneth Paltrow praised digital assets. Kardashian could face more cases, but the logic behind her charges suggests that not all celebrities are at risk.
SEC stated Monday that Kardashian was charged with promoting a crypto asset they deemed security. However, it did not disclose the $250,000 she received in compensation.
According to the agency, the billionaire businesswoman agreed to settle the charges and pay a $1.26million fine. She must also stop promoting crypto assets securities for the next three years. This penalty is much more severe than the one-handed one by the SEC previously in a case involving crypto-touting.
In a June 2021 Instagram Story, Kardashian stated that the Ethereum Max token (not linked to Ether) had been increased in a process similar to a stock buyback. Her followers, numbering in the hundreds of thousands, could purchase it through a website. Although the price of Ethereum Max tokens spiked the day after her post, it has fallen 98% since then.
Gary Gensler, Chairman of the SEC, stated that celebrities and influencers don’t necessarily endorse investment opportunities, such as crypto asset securities. “Kardashian’s story serves as a reminder for celebrities and other people that they must disclose to the public how much and when they are paid to promote securities investing.”
Why did the SEC accuse Kardashian but not other celebrities who promoted crypto? The agency must view Ethereum Max as security.
For years, whether tokens should fall under securities, commodities, or currencies has been a primary concern in the digital asset sector. The SEC believes many tokens can be considered securities, but Gensler says that Bitcoin is a commodity.
The SEC regards Ethereum Max as security. Kardashian was therefore required to comply with strict securities laws regarding how investment opportunities can be advertised.
According to Thomas Gorman (a former SEC senior counsel and now a partner at Dorsey & Whitney LLP), Matt Damon was not at risk of violating the same rules when he appeared in an advertisement for Crypto.com. The crypto exchange. Larry David and Tom Brady also appeared in ads for FTX. Gwyneth and Reese Witherspoon spoke up about crypto or nonfungible tokens more generally, but their promotion was vague and did not advertise the purchase of specific digital assets.
None of these people responded to our requests for comments.
“Matt Damon…just promotes crypto. Gorman said that he isn’t promoting any specific coins or anything. “That’s probably what’s different between the Kardashian case where she’s promoting a particular coin that trades on this market–and the particularization that puts her in the box of security.”
The agency did not discuss Gorman’s analysis.
The agency has been targeting celebrities who promote crypto for years. In 2018, the SEC settled with Floyd Mayweather Jr., a boxer, and DJ Khaled, a music producer, over a similar issue.
The SEC claimed they failed to disclose payments received in exchange for promoting initial coin offerings (ICOs) of crypto assets. In 2017, the agency stated that coins purchased in ICOs could be considered securities. The agency indicted Steven Seagal, actor and T.I. In two separate cases relating to ICOs.
It’s unlikely that Kardashian will become the last. According to the SEC, Kardashian is cooperating in a continuing investigation.
Gorman believes that the SEC should pursue these cases. The U.S. is still slow in regulating cryptography, and there has been criticism from the SEC that the rules surrounding digital asset trading are unclear.
Gorman said that the SEC was trying to make a more precise statement about “this is how far they’re going to go.” He also noted that other laws, such as those related to consumer projections, might apply. “If you are going to promote specific coins that trade on specific platforms… that’s where I believe the SEC is drawing a line,” Gorman said.
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