December 3, 2022

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Kim Kardashian settles SEC charges over Instagram EthereumMax crypto promo

2 min read

Kim Kardashian’s crypto misadventure has landed her in hot water with federal regulators.

The reality TV superstar and influencer has settled Securities and Exchange Commission charges that she failed to disclose a payment she received for touting a crypto asset on her Instagram feed, the agency announced Monday morning.

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” Gary Gensler, chairman of the SEC, said in a news release.

Kardashian, who is reportedly worth $1.8 billion, agreed to pay $1.26 million to settle the charges over a promotion on Meta’s Instagram for EthereumMax’s crypto asset, the SEC said. She will also cooperate with an ongoing investigation, and has agreed to not promote crypto securities for three years, the regulator added.

Read more: Why you should be wary of investing advice from celebrities

However, Kardashian, who has built a media and lifestyle empire, neither admitted to nor denied the regulator’s findings, the SEC said.

In a statement, a lawyer for Kardashian said she is pleased to have resolved the matter.

“Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits,” the statement said.

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.



2022-10-03 13:46:16

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