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."