On Monday, Kim Kardashian settled Securities and Exchange Commision (SEC) civil charges which claimed that she failed to disclose the $250 000 USD payment she received for promoting EthereumMax, a crypto asset, on Instagram.
According to a SEC press release, Kardashian agreed to settle the charges and pay $1.26m, “In penalties, disgorgement, and interest,” as well as agreeing to cooperate and assist with ongoing investigations. She has also agreed not to post about or promote any crypto assets for three years.
SEC Chair Gary Gensler spoke on the matter, saying, “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. We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”
He went on to add, “Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.”
Gurbir S. Grewal, Director of the SEC’s Division of Enforcement further added to the comments made by Gensler, stating, “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. Investors are entitled to know whether the publicity of a security is unbiased, and Ms Kardashian failed to disclose this information.”
A lawyer from Kardashian’s party claimed, “[She] 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 she can move forward with her many different business pursuits.”
The SEC has since released a video warning investors away from making financial decisions solely off the recommendation of celebrities or influencers. Kim Kardashian is yet to comment on the matter.
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