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Date: 2024-05-21 Page is: DBtxt001.php txt00023316
CRYPTO TECHNOLOGY
MUCH MORE THAN CRYPTOCURRENCY

Kim Kardashian agrees to pay $1.26 million in SEC crypto case ... The Securities and Exchange Commission is charging the reality star and entrepreneur with allegedly promoting a cryptocurrency on her Instagram account without disclosing how much she was paid to do so, the agency announced.


Kim Kardashian attends the Met Gala in May. (Evan Agostini/Evan Agostini/Invision/AP)

Original article:
Peter Burgess COMMENTARY
I followed the development of blockchain technology and the emerging crypto ecosystem for several years, but not so much in the last five years.

My interest in this arena waned quite quickly when I realized that there were a growing number of 'bad actors' exploring its potential as well as the banking and finance sector circling around to ensure that their monopoly on financial power would not be challenged.

Things have change a lot since that time, and while it remains something of a 'wild west' the underlying technology has become much more cost effective. I am starting to see the opportumity emerging that could change the way accounting and accountability function ... essentially updating these tools so that they can be as effective in this century as they were in the early days of international commerce and the industrial revolution.

I am particularly interested in the manner in which the blockchain and its immutable distributed ledger can be the driver of an 'accountable' world in a way that is a whole lot more equitable than anything we have ever had before.

MORE THOUGHTS ON THIS ARE BEING DEVELOPED
Peter Burgess
CRYPTOCURRENCY ... Kim Kardashian agrees to pay $1.26 million in SEC crypto case

The Securities and Exchange Commission is charging the reality star and entrepreneur with allegedly promoting a cryptocurrency on her Instagram account without disclosing how much she was paid to do so, the agency announced.


Written by Tory Newmyer

Published October 3, 2022 at 8:18 a.m. EDT ... Updated October 3, 2022 at 9:27 a.m. EDT

The Securities and Exchange Commission is charging reality star and entrepreneur Kim Kardashian with allegedly promoting a cryptocurrency on her Instagram account without disclosing how much she was paid to do so, the agency announced Monday.

Kardashian has agreed to pay $1.26 million in penalties to settle the charges and will cooperate with the SEC’s investigation, the agency said. Kardashian was paid $250,000 to tout EMAX tokens, sold by EthereumMax, to her tens of millions of followers in a June 2021 post. The star now has 330 million Instagram followers, making her promotions quite valuable.
“ARE YOU GUYS INTO CRYPTO????” she wrote in that post, including a link to Ethereum Max’s website, which offered instructions for how to buy the token, the SEC said. “THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN!”
Is crypto a house of cards? A look behind the scenes in the unstable industry

Kardashian included a hashtag indicating that the post was an advertisement, but the SEC said she also needed to disclose the amount she was paid.

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” SEC Chair Gary Gensler said in a statement. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”

As part of the settlement, Kardashian has also agreed not to promote any crypto tokens for three years, the SEC said.

Patrick Gibbs, an attorney for Kardashian, said in a statement she was “please to have resolved this matter with the SEC.”

“Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter,” Gibbs said. “She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.”

Disgraced crypto founder says he's not on the run. But no one knows where he is.

This is not the first time the SEC has charged a celebrity for not disclosing a payday from hyping crypto. The agency settled charges against boxer Floyd Mayweather and music producer DJ Khaled in November 2018 for touting a number of initial coin offerings — projects that sought to raise money by issuing crypto tokens — without revealing what they were paid for the endorsements. It settled similar charges against actor Steven Seagal in 2020.



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