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Kim Kardashian has agreed to settle with the DEC for more than $1 million after failing to report a $250,000 payment she received for promoting cryptocurrency on Instagram.
She has also committed to refrain from promoting crypto assets for the next three years and to assist completely with ongoing investigations.
The SEC determined that Kardashian failed to disclose the cash she received from EthereumMax to promote EMAX coins.
Gary Gensler, chairman of the SEC, stated in a press release, “This case is a reminder that when celebrities or influencers support investment possibilities, including crypto asset securities, it does not mean that these investment products are suitable for all investors.”
Chair Gensler noted that Ms. Kardashian’s case serves as a warning to celebrities and others that the law compels them to declare when and how much they are paid to encourage investment in securities.
Still to come…
On Sunday, the reality television star posted an advertisement for Ethereum Max, a digital ‘token’ similar to Bitcoin, on Instagram. She asked, “Are you guys interested in crypto?” This is not financial advise, but I wanted to share what my friends told me regarding the Ethereum Max token.