Kim Kardashian Agrees to Pay Over $1 Million to SEC for Hawking Crypto

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Kim Kardashian could have that studied her ass to take the baby bar, but it seems she skipped the chapter on not selling cryptocurrencies without disclosing that a company paid you to do it.

On Monday, the Securities and Exchange Commission (SEC) announced charges against Kardashian for promoting a crypto asset on her Instagram without disclosing that EthereumMax paid her to promote the currency, according to a press release. According to regulators, her post also included “instructions for potential investors to purchase EMAX tokens.” The SEC reported that Kardashian was paid $250,000 to release EMAX tokens and now owes the government a whopping $1.26 million — $1 million in fines for ignoring disclosure laws and $260,000 to cover what EthereumMax paid her, plus interest. Kardashian has neither admitted nor denied the SEC’s finding, but has agreed to cooperate with the Overlords.

“MS. Kardashian is pleased to have resolved this matter with the SEC. Kardashian has cooperated fully with the SEC from the outset and remains committed to doing everything in our power to assist the SEC on this matter,” said Kardashian’s attorney in a statement provided to Buzzfeed News, “She wanted to get this matter over with to avoid a protracted dispute. The agreement she has with the SEC allows her to do so so that she can meet her many different… can drive business activities forward.”

Post 2021 asked the question: “Are you into crypto???” Kim then backed up the ad by saying this is “not investment advice” but that her “friends” recommended Ethereum Max token to her, followed by a number of other crypto buzzwords like “burnt” and “literally” and “400 trillion”. Kardashian did add “#AD” to the bottom of the post, but that apparently wasn’t enough for the SEC, which seemed appalled that the post also linked directly to the EthereumMax website where one could buy tokens.

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“This case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean those investment products are suitable for all investors,” said SEC Chairman Gary Gensler, a very good burn in my humble opinion. “MS. Kardashian’s case is also a reminder that celebrities and others are legally required to disclose to the public when and how much they are being paid to encourage investing in securities.”

After a long few years with celebs like Gwyneth Paltrow, Reese Witherspoon, Matt Damon (the price of bitcoin has fallen more than 60 percent since Damon took part in an ad with last year), Tom Brady and French Montana Hyping token for the general publicThe SEC finally had enough and made an example of the woman with the greatest clout: Kim and her 331 million Instagram followers.

Unlike Kim, who makes more money resting her eyes under a top-notch LED light therapy mask than most of us make in an entire year, ordinary consumers don’t have bags of money set aside for risky investments. As we watch the crypto market continue to plummet – it’s currently in a big ol’ grizzly bear market – celebrity sponcon posts are looking even more demonic by the minute. Sure, Kim likes tossing her extra millions into the quicksand of investing, knowing she’ll still have a nice Maserati to drive around and a few mansions to spare. But for us? Let’s just say buying whatever the heck EMAX tokens are not going to send me to the moon. Kim Kardashian Agrees to Pay Over $1 Million to SEC for Hawking Crypto

Adam Bradshaw

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