Kim Kardashian will pay $1.26M to settle federal charges that she promoted a cryptocurrency on Instagram without disclosing she was paid $250K to publish the posts, said the SEC Monday.
Kim Kardashian will pay $1.26 million to settle federal charges that she promoted a cryptocurrency without disclosing she was paid to do so, the Securities and Exchange Commission said Monday.
“Are you guys into crypto????” Kardashian wrote in a June 2021 post, according to the SEC’s order. “This is not financial advice but sharing what my friends just told me about the Ethereum Max token!” “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,” SEC Chair Gary Gensler said in a statement. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”
Kardashian lawyer Patrick Gibbs, a partner at the Cooley law firm, said in a statement that Kardashian is “pleased to have resolved this matter with the SEC.” He added that the agreement allows her to “move forward with her many different business pursuits.”
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