Socialite Kim Kardashian Kim Kardashian was fined $1.26 million by the SEC for failing to declare her $250,000 for promoting cryptocurrencies on Instagram.
In June 2021, Kim Kardashian promoted #cryptocurrency#Ethereum Max in her Instagram story. She wrote, "Do you like cryptocurrencies? It's not financial advice, but sharing what my friend just told me about Ethereum Max tokens!" #Kardashian# added the hashtag #AD, which indicates that the post was paid.
However, she did not file for the $250,000 compensation, which the SEC said violated the securities laws. Now, Kardashian, who is worth over $1 billion, must refuse to work to promote cryptocurrencies within three years.
SEC Chairman Gary Gensler said in a statement announcing a fine on Kardashian on Monday: "Ms. Kardashian's case also reminds celebrities and others that the law requires them to disclose to the public the remuneration they receive to promote securities or investments for disclosure and declaration."
@New Financial Forces in October
