Kim Kardashian has reached a settlement with the SEC for promoting cryptocurrency without disclosing she was paid to do so. The influencer will pay $1.26 million.
According to the SEC’s order, Kardashian didn’t inform them that she was paid $250,000 to promote EMAX tokens, the cryptocurrency offered by EthereumMax, on her Instagram account. She has been touting the cryptocurrency on her page for more than a year.
“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” Gurbir S.