Popular American reality TV star Kim Kardashian has agreed to pay the sum of $1.26m for failing to declare payment she received for promoting EthereiumMax tokens.
Recall that the reality TV star was ordered by the U.S. Securities and Exchange Commission (SEC) to pay the said sum over her failure to disclose a payment she received for promoting EthereumMax tokens on her Instagram page.
The US SEC fined Kim Kardashian over the illegal promotion of what the regulator has called “a crypto asset security” and she has agreed to pay $1.26 million in penalties, disgorgement, and interest, though neither formally admits to or denies the findings.
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SEC chair Gary Gensler urged the general public to do their research before investing in crypto assets.
“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. We encourage investors to consider an investment’s potential risks and opportunities in light of their financial goals,” Gensler said.
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
