U.S. SEC boss Gary Gensler imposed a $1.3 million fine on Kim Kardashian in an attempt to warn other crypto promoters. In the end, she may wind up making an example out of him, writes jennifersaba.
Kardashian on Monday for touting a crypto asset security without disclosing the payment she received for the promotion. In June 2021, the reality-TV star posted to her Instagram account, which at the time had 225 million followers, an announcement regarding the EthereumMax token with the caveat that it was not financial advice. She also included the hashtag #AD to indicate it was marketing material.
Rules required the lifestyle guru to report the $250,000 fee she earned to the SEC, however. As a result of having failed to do so, Kardashian will return the money, with interest, along with paying a $1 million fine. Without admitting or denying guilt, she also has agreed to stop pushing crypto assets for three years. The fine is the largest yet regarding crypto touting cases including those involving DJ Khaled and Steven Seagal.may go viral in the financial community for the wrong reasons.
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Kim Kardashian makes an example out of the SECImposing a $1.3 mln fine on the Instagram star marks an attempt to warn other crypto promoters. It’s unclear how much impact such social-media influencers have on the market, though. Without real teeth, SEC Chair Gary Gensler risks exposing his lack of tools to regulate properly.
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