Kim Kardashian’s Crypto Promotion Deemed Illegal By SEC – Hollywood Life

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The Securities and Exchange Commission Kim Kardashian For “promoting cryptocurrency security offered and sold by Ethereum Max on social media without disclosing the payments she received for the promotion.” Kim has been accused of failing to disclose that she received $250,000 to promote her crypto assets. She has agreed to settle her lawsuit with the SEC and she will pay $1.26 million in fines, exploitation and interest. Kim also agreed to cooperate with her SEC’s ongoing investigation into the matter.

“MS. Kardashian is delighted to have resolved this matter with the SEC,” Kim’s attorney said. hollywood life“Kardashian has cooperated fully with the SEC from the beginning and is willing to do whatever she can to assist the SEC in this matter. She wanted to put the matter on the back burner to avoid protracted controversy. Her agreement with the SEC allows her to do that and allows her to pursue various business pursuits.”

Kim’s post about Ethereum Max’s EMAX token included a link to the brand’s website. “This incident serves as a reminder that when celebrities and influencers endorse investment opportunities involving cryptocurrency securities, those investment products may not be suitable for all investors,” the SEC said. The chairman said, “Investors are encouraged to consider the potential risks and opportunities of their investments in the light of their own financial assets.” He also mentioned that the amount to be paid at the time of payment must be disclosed.

Kim’s $1.26 million payout is a $1 million penalty and $260,000 disgorgement, the same amount he was paid for the promotion. She also agreed not to promote other cryptocurrencies for three years, according to the SEC.