Kim Kardashian has agreed to settle charges brought by the Securities and Exchange Commission and pay $1.26 million.
Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing that she'd been paid $250,000 to do so.
The SEC said Kardashian failed to disclose that she was paid to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax. "The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion," Gurbir Grewal, director of the SEC's division of enforcement, said in a prepared statement."Ms. Kardashian is pleased to have resolved this matter with the SEC.
Cryptocurrency has attracted increasing attention from Congress. A bipartisan proposal last month would hand the regulatory authority over Bitcoin and Ether, two popular cryptocurrencies, to the Commodities Futures Trading Commission after wild swings in crypto valuations, dozens of scams and hundreds of billions of dollars gained and lost.
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