Kim Kardashian on Monday settled Securities and Exchange Commission (SEC) civil charges that claimed she failed to disclose a payment she received to tout a crypto asset, EthereumMax, on Instagram. According to the SEC, the multi-hyphenate reality TV star agreed to pay a $1.26 million USD fine.
“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,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”
According to the SEC charge, Kardashian did not share that she was paid $250,000 USD to post about the crypto asset. Along with paying the aforementioned fine, Kardashian has agreed to assist the SEC in its ongoing investigation and not post about any crypto asset for the next three years.
“Ms. Kardashian is pleased to have resolved this matter with the SEC,” said a statement from her attorneys. “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.”
Kardashian did not admit or deny the SEC’s findings.
Elsewhere, Kardashian has officially launched her podcast with Spotify.
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