Kim Kardashian on Monday agreed to pay a $1.26 million fine to settle charges brought against her by the U.S. Securities and Exchange Commission for promoting the cryptocurrency EthereumMax without disclosing the fact that she was being paid for the promotion.
“When celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors…Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities,” SEC Chair Gary Gensler said.
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