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SEC fines Kim Kardashian $1.26M for touting crypto token without disclosing stake

FILE – In this April 12, 2017, file photo, Kim Kardashian West arrives at the U.S. premiere of “The Promise” in Los Angeles. Kardashian West and her famous siblings are donating $500,000 to help victims of Hurricane Harvey. A spokeswoman for the reality star says she and her mother and sisters have given $250,000 to the Red Cross and $250,000 to the Salvation Army on Tuesday, Aug. 29. (Photo by Chris Pizzello/Invision/AP, File) Chris Pizzello/Chris Pizzello/Invision/AP

SEC fines Kim Kardashian $1.26M for touting crypto token without disclosing stake

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The Securities and Exchange Commission charged Kim Kardashian $1.26 million for promoting a cryptocurrency asset without disclosing being paid to promote it.

Kardashian promoted EthereumMax tokens on her Instagram account without disclosing that she had been paid $250,000 to post about the cryptocurrency. The influencer agreed to settle with the SEC over the action but did not admit to or deny the regulator’s allegations in settling the case.


“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,” said SEC Chairman Gary Gensler in a press statement. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”

“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,” Gensler added.

“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” said Gurbir Grewal, director of the SEC’s Division of Enforcement, in a statement. “Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”


The charge against Kardashian arrives after years of celebrities promoting and investing in cryptocurrency, leading to a surge of interest in the digital assets. Creators such as Paris Hilton and Matt Damon have advocated for cryptocurrencies via advertising and public appearances only to see their value drop drastically over the summer amid a crypto “winter.”

© 2022 Washington Examiner

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