Kim Kardashian Crypto Post With SEC Is A $1 Million Stupid Post
Searching for information about Kim Kardashian Crypto Post? Here we go! Kim Kardashian has gotten into trouble with the government for her crypto-related antics. On Monday morning, the Securities and Exchange Commission stated that the reality TV personality and influencer had reached a settlement with the agency over claims that she had failed to disclose a payment she had received for promoting a crypto asset on her Instagram account.
Gary Gensler, chairman of the SEC, said in a press release that the case serves as a warning that just because a celebrity or influential person backs a certain investment opportunity (including crypto asset securities), that doesn't make it a good fit for every investor.
Source: Instagram
Attorney Gensler noted that the case highlights the importance of disclosing any compensation for recommending security. Reportedly worth $1.8 billion, Kardashian settled the accusations by paying $1.26 million for promoting EthereumMax's crypto asset on the Instagram platform Meta, according to the SEC. Additionally, according to the regulatory body, she has agreed to refrain from promoting crypto securities for three years and will comply with an ongoing inquiry. You may want to have a list of some best websites to catch up with Entertainment news.
Even though she has developed a media and lifestyle empire, Kardashian has neither confirmed nor rejected the SEC's claims. According to a statement released by her attorney, Kardashian is relieved that the case is over. From the start, Kardashian "completely cooperated" with the SEC and is still eager to do whatever is necessary to help the SEC with this case. Instead of prolonging the inevitable conflict, she hoped to lay it to rest once and for all. According to the statement, "the settlement she made with the SEC permits her to do so, allowing her to pursue her various business interests." You may be into the list of the hottest female celebrities in recent times.
Attorney Duncan Levin, who has represented convicted fraudster Anna Sorokin, aka Anna Delvey, said that the deal allowed Kardashian to escape a much more intrusive procedure that could have included a deposition and document collection. According to him, this was a great opportunity for the SEC to publicly shame a talented player. Levin, a former federal prosecutor and the head of the asset forfeiture at the New York District Attorney's Office, stated that the SEC is interested in sending a message to other possible celebrity endorsers of securities to ensure that their posts are not misunderstood as financial advice.
After posting an Instagram ad for EthereumMax in June of last year, Kardashian faced regulatory backlash. The first question she posed to her 250 million-plus Instagram followers was, "ARE YOU INTO CRYPTO??? NOT FINANCIAL ADVICE; JUST SHARING WHAT SOME PEOPLE TOLD ME LATELY ABOUT THE ETHEREUM MAX TOKEN
Investors sued her, the former NBA star Paul Pierce, and the famous boxer Floyd Mayweather Jr. earlier this year for promoting EthereumMax. On Monday, the SEC said that Kardashian didn't tell the public that she got $250,000 from EthereumMax (through an intermediary) to write a post promoting EMAX tokens, a cryptocurrency that EthereumMax made. The regulator pointed out that the post's "#ad" hashtag led people to the EthereumMax website, where they could learn more about buying tokens. Also, if you want to update some movie news, access these websites.
The SEC claimed that she failed to report the payment by breaking federal securities laws. She also admitted to paying an additional $1 million in penalties and restitution to the agency, for a total of $260,000. Gensler said on Monday's "Squawk Box" on CNBC, "Congress passed a legislation many decades ago called the Securities Act, and it intended to safeguard the public." The law mandates that anyone promoting a stock must state whether or not they are receiving compensation.
If you found this article interesting, don't hesitate to visit our website AUBTU.BIZ to get access to a wide range of entertainment and funny news.
Gary Gensler, chairman of the SEC, said in a press release that the case serves as a warning that just because a celebrity or influential person backs a certain investment opportunity (including crypto asset securities), that doesn't make it a good fit for every investor.
#1. Kim Kardashian Crypto Post Worths $1,26 Million
Source: InstagramAttorney Gensler noted that the case highlights the importance of disclosing any compensation for recommending security. Reportedly worth $1.8 billion, Kardashian settled the accusations by paying $1.26 million for promoting EthereumMax's crypto asset on the Instagram platform Meta, according to the SEC. Additionally, according to the regulatory body, she has agreed to refrain from promoting crypto securities for three years and will comply with an ongoing inquiry. You may want to have a list of some best websites to catch up with Entertainment news.
Even though she has developed a media and lifestyle empire, Kardashian has neither confirmed nor rejected the SEC's claims. According to a statement released by her attorney, Kardashian is relieved that the case is over. From the start, Kardashian "completely cooperated" with the SEC and is still eager to do whatever is necessary to help the SEC with this case. Instead of prolonging the inevitable conflict, she hoped to lay it to rest once and for all. According to the statement, "the settlement she made with the SEC permits her to do so, allowing her to pursue her various business interests." You may be into the list of the hottest female celebrities in recent times.
Attorney Duncan Levin, who has represented convicted fraudster Anna Sorokin, aka Anna Delvey, said that the deal allowed Kardashian to escape a much more intrusive procedure that could have included a deposition and document collection. According to him, this was a great opportunity for the SEC to publicly shame a talented player. Levin, a former federal prosecutor and the head of the asset forfeiture at the New York District Attorney's Office, stated that the SEC is interested in sending a message to other possible celebrity endorsers of securities to ensure that their posts are not misunderstood as financial advice.
#2. Would It Become A Scam? Like Again?
After posting an Instagram ad for EthereumMax in June of last year, Kardashian faced regulatory backlash. The first question she posed to her 250 million-plus Instagram followers was, "ARE YOU INTO CRYPTO??? NOT FINANCIAL ADVICE; JUST SHARING WHAT SOME PEOPLE TOLD ME LATELY ABOUT THE ETHEREUM MAX TOKEN
Investors sued her, the former NBA star Paul Pierce, and the famous boxer Floyd Mayweather Jr. earlier this year for promoting EthereumMax. On Monday, the SEC said that Kardashian didn't tell the public that she got $250,000 from EthereumMax (through an intermediary) to write a post promoting EMAX tokens, a cryptocurrency that EthereumMax made. The regulator pointed out that the post's "#ad" hashtag led people to the EthereumMax website, where they could learn more about buying tokens. Also, if you want to update some movie news, access these websites.
The SEC claimed that she failed to report the payment by breaking federal securities laws. She also admitted to paying an additional $1 million in penalties and restitution to the agency, for a total of $260,000. Gensler said on Monday's "Squawk Box" on CNBC, "Congress passed a legislation many decades ago called the Securities Act, and it intended to safeguard the public." The law mandates that anyone promoting a stock must state whether or not they are receiving compensation.
If you found this article interesting, don't hesitate to visit our website AUBTU.BIZ to get access to a wide range of entertainment and funny news.
Share this article
Advertisement