[Wastedyouth]

Originally Posted by chemgear

https://www.cnbc.com/2022/10/03/kim-...promotion.html

Kim Kardashian agreed to pay more than $1 million to settle SEC charges for failing to disclose a payment she received for touting a crypto asset on Instagram.

She also agreed not to promo crypto assets for three years, and will cooperate with an ongoing investigation.

Kardashian has already felt regulatory heat over her EthereumMax promo, which she posted on Instagram in June of last year. She started the post by asking her approximately 250 million Instagram followers, “ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”

Investors sued her, former NBA star Paul Pierce and superstar boxer Floyd Mayweather Jr. earlier this year over their promos for EthereumMax, accusing them of artificially inflating the value of the asset.

Her failure to disclose the payment was a violation of federal securities laws, the SEC said. She agreed to pay $260,000, which includes the payment she received, plus interest, in addition to the $1 million penalty, the agency added.

“Congress passed a law many decades ago called the Securities Act, and it was to protect the public,” Gensler told CNBC’s “Squawk Box” on Monday morning. “Part of that law said that if you tout a stock you have to disclose if you’re getting paid.”


EDIT:

The world is broken.