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(Photo by Mike Cohen/Getty Images for The New York Times)
This was really to protect the investing public – when somebody is touting that stock and whether that’s a celebrity or an influencer or the like, and that’s at the core of what this is about.
I want to acknowledge Miss Kardashian cooperating and ongoing cooperation. We really appreciate that.
— SEC Chair Gary Gensler, in a recent interview with CNBC, concerning Kim Kardashian’s involvement with charges related to unlawfully touting a crypto security. Kardashian failed to disclose that she was paid $250,000 to publish a post on Instagram about EMAX tokens, the crypto asset security being offered by EthereumMax. Kardashian, who is studying as an apprentice to become a lawyer in California, will pay $1.26 million in fines and associated fees, without admitting or denying the SEC’s findings. Her lawyer, Michael Rhodes, noted that his client, the reality star turned budding attorney, “wanted to get this matter behind her to avoid a protracted dispute.” He continued, “The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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