SEC Charges Kim Kardashian for Unlawfully Touting Crypto Security - SEC.gov
The Securities and Exchange Commission today announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion.The SEC’s order finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the 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," said Gurbir S.The SEC’s order finds that Kardashian violated the anti-touting provision of the federal securities laws.Kardashian also agreed to not promote any crypto asset securities for three years.
The SEC’s statement urging caution regarding potentially unlawful celebrity-backed crypto asset offerings can be found here