Shocking news for all Kim Kardashian fans. In an exclusive update, Kim Kardashian was charged over $1 million in the SEC Crypto case. The Securities and Exchange Commission (SEC) has accused popular internet personality Kim Kardashian of illegally promoting cryptocurrency on her Instagram account. SKIM’s CEO has been tasked with disclosing how much she gets paid for promotions. Read all about the accident here.
Kim Kardashian Loaded Over $1 Million in Second Crypto Case
The largest US financial regulator has charged celebrity Kim Kardashian with promoting cryptocurrency on her Instagram account without revealing that she was paid for the promotion – a charge she is fighting in court. The US Securities and Exchange Commission has accused famous actress Kim Kardashian of failing to disclose that she was paid to promote cryptocurrency on her Instagram account.
Kardashian, who has around 330 million followers on Instagram, earned $250,000 to promote EthereumMax’s cryptocurrency called EMAX tokens.
According to the regulator, her post also “announces an upcoming IEO” and provides instructions for potential investors to buy EMAX tokens. This violates the “anti-promotion clause” in the federal securities laws – which are meant to protect people from fraud. The group alleges that Kardashian violated securities regulations when it failed to disclose that she was paid $250,000 for an Instagram post promoting cryptocurrency — a form of digital currency made by computers — without stating the nature or source of those earnings.
Kim Kardashian Agrees to Pay $1.26 Million to Settle SEC Crypto Fee
After shocking news of Kim Kardashian being accused of over $1 million by SEC crypto, SKIMS CEO has agreed to settle fees from the US Securities and Exchange Commission (SEC) for “promoting on social media the security of crypto assets offered and sold by EthereumMax without disclosing the payment.” received for promotion.
The Securities and Exchange Commission accused CarMax of violating accounting rules in its 2002-2004 earnings reports and required the company to pay a $1.26 million fine, forfeit some of its profits from those years, and cooperate more with the commission’s investigation into whether other violations occurred during those time periods. itself.
The case announced by the Securities and Exchange Commission on Monday alleges that the internet celebrity violated an “anti-promotion clause,” and has now reported that Kim Kardashian has agreed to settle the charges and pay $1.26 million to cover all commissions and annoyances.
A statement was released by SKIM’s attorney that Kardashian is happy to work and have resolved this matter with the SEC. “Kardashian has cooperated fully with the SEC from the beginning and remains willing to do everything in her power to assist the SEC in this matter,” the statement said.
“She wanted to put this matter behind her to avoid a protracted dispute,” adds the lawyer. “The agreement I’ve reached with the Securities and Exchange Commission allows it to do this so that it can move forward with many different businesses.”
In a statement, SEC President Gary Gensler said: “The Kardashian case is a reminder that celebrities and influencers should use the media to educate their fans about the risks associated with investments — including cryptocurrency.”
“We encourage investors to consider the potential risks and opportunities of investing in light of their own financial goals,” Gensler continued.
He concluded, “Ms. Kardashian’s case serves as a reminder to celebrities and others that the law requires them to disclose to the public the time and amount of their salaries to encourage investment in securities.”
With the popularity of cryptocurrencies ballooning, companies have spent millions of dollars on marketing. Many of them have hired celebrity spokespeople, including comedian Larry David and actor Matt Damon, to promote their products. But after the decline in the value of Bitcoin and other digital currencies, many of them were criticized for strengthening them.
This isn’t the first time celebrities have been recruited into crypto campaigns. In 2016, actress Amber Rose was paid $100,000 by an advertising company called Uplift Mavens to promote Ethereum, which would allow users to make in-game purchases using cryptocurrency. The ad was later removed from Rose’s Instagram account after she accused him of promoting a fraudulent product.