Kim Kardashian: SEC says it can keep up with crypto enforcement
Kim Kardashian, eager to be known as a serious businesswoman, should have known better. In 2021, the US TV personality turned lifestyle brand, promoted a cryptocurrency, EthereumMax, on her Instagram page.
Kardashian did not inform her followers — more than 200mn of them at the time — that she received $250,000 for the post. On Monday, the influencer paid $1.26mn to settle charges that she violated rules by not disclosing the payment she received from EthereumMax.
Given that she was touting an obscure token, a typical Instagram follower probably could have deduced that she was getting something in exchange for the post. Simply adding some fine print would have spared her the ignominy of a Securities and Exchange Commission action just weeks after launching her private equity firm. As a part of the deal with the regulator, Kardashian did not admit nor deny wrongdoing.
This story originally appeared on: Financial Times - Author:Tax Cognition
