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Bulletins

Kim Kardashian will pay $1.26 million over crypto post, SEC says

Gary Gensler took the opportunity to warn about crypto endorsements from celebrities.

TODAY -- Pictured: Kim Kardashian on Tuesday June 21, 2022 -- (Photo by: Nathan Congleton/NBC via Getty Images)

The SEC charged Kim Kardashian with touting EMAX without disclosing she'd been paid to do so.

Photo: Nathan Congleton/NBC via Getty Images

Kim Kardashian broke the internet, and according to the Securities and Exchange Commission, she also broke the securities laws.

The SEC announced Monday that the mega-influencer, reality TV star, and billionaire businesswoman will pay $1.26 million to resolve allegations she touted EMAX tokens on Instagram without disclosing she was being paid for it. Kardashian, who the SEC said "also agreed to not promote any crypto asset securities for three years," did not admit wrongdoing.

The SEC also said she had received $250,000 for her post on the token from EthereumMax. Her fine represents the payment, plus interest and a $1 million penalty.

SEC Chair Gary Gensler took the opportunity of the settlement announcement to tweet that the case showed "when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors."

Ben Brody

Ben Brody (@ BenBrodyDC) is a senior reporter at Protocol focusing on how Congress, courts and agencies affect the online world we live in. He formerly covered tech policy and lobbying (including antitrust, Section 230 and privacy) at Bloomberg News, where he previously reported on the influence industry, government ethics and the 2016 presidential election. Before that, Ben covered business news at CNNMoney and AdAge, and all manner of stories in and around New York. He still loves appearing on the New York news radio he grew up with.

seccryptocurrencycryptokim kardashiangary gensler
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