The socialite Kim Kardashian has agreed to pay $1.26 million to the Securities and Exchanges Commission (SEC) for “unlawfully touting crypto security.”
SEC says Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens.
“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,” said SEC’s Chairman Gary Gensler.
EthereumMax says their vision “encompasses everything from a deflationary token and a core stablecoin for processing payments to cutting edge NFTs and exclusive events for our community.”
SEC has not sued EthereumMax itself as far as we are aware, and thus has not quite established in court that it is actually a security.
Kardashian has not challenged that, however, opting instead to just pay the fine.
Source: https://www.trustnodes.com/2022/10/03/kim-kardashian-fined-1-2-million-for-ethereummax-undisclosed-promo