Advertisement

Kim Kardashian Is Being Sued By The SEC For "Promoting A Crypto Security," Will Somehow Have To Scrape Together 1.26 Million Dollars To Settle The Lawsuit

NY POST - Kim Kardashian has landed in hot water with the feds over an Instagram post promoting a cryptocurrency asset that has been blasted by critics as an alleged “pump and dump” scheme.

The Securities and Exchange Commission announced on Monday that it has charged the reality television star and social media influencer “for touting on social media a crypto asset security…without disclosing the payment she received for the promotion.”

The SEC said that Kim K “agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate” with the ongoing investigation.

Kardashian paid the penalties “without admitting or denying the SEC’s findings,” according to the agency. She also agreed to refrain from promoting any crypto asset securities for three years, the government said.

Disgusting!!!! How dare they rob this woman of the money she needs to feed her children!!! 1.26 million dollars, she's going to be in debt for the rest of her life!!!!! And for what?? So the SEC can regulate something that hasn't even been properly defined yet??? SHAME! SHAME! SHAME!

I know absolutely nothing about Crypto. Zero, zilch. The only thing I do know, is that if you get paid to advertise something, you better disclose that fact. How many times have we seen "#sponsored #ad" on our favorite influencers posts? Nonstop. I'm not deterred by it, but I am less likely to really stop and check it out if I know it's already a prepaid ad directed towards me. Most of the time, every ad directed at me is right on the money. Shoes, cashmere blankets, Halloween themed decorations from West Elm. When Kim's crypto story popped up, it definitely looked a little out of place. "This isn't SKIMS?" I thought to myself as I scrolled quickly past it. As the professional she is, Kim made sure to clearly mark the Instagram Story as an "#ad," and on we move. Or so we thought?

According to the feds, Kardashian “failed to disclose” that she was paid $250,000 to post an item to her tens of millions of Instagram followers touting EMAX crypto tokens, the digital coin that was offered up for sale by EthereumMax.

“Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens,” the SEC said in a statement.

“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,” said SEC Chair Gary Gensler.

Apparently when you make a lot of money promoting other money, you have to tell somebody. $250,000 to be exact. The good old "this is not financial advice but my friends just told me this crazy new info that's going to make us all rich!" Where all my pyramid scheme ladies at??? Tough when you've literally never ONCE talked about crypto, on any medium, and then all of a sudden you've got a lot of "friends" who are casually discussing Etherium's token burning that's LITERALLY giving back to the entire E-Max community over a cocktail. Don't you other moms feel foolish!!! You're pumping and dumping breast milk while Kim K got her fucking ass up, and worked. 

Do I care about this? Absolutely not. Do I think it's hilarious that Kim K is going to have to break open North's piggy bank to pay this MASSIVE fine? Yes. 1.26 million? Kim brushes her teeth with 1.26 million. What a farce. One day I hope to be able to understand crypto and why it even needs to be advertised in the first place, and when that day comes, I'm going to look to literally anyone but Kim Kardashian for advice. Girl gets a quarter million and she's willing to act a little shady about it. No thanks! I'll stick with the crooks I know (The Winklevoss Twins).