Reality tv star, Kim Kardashian has agreed to pay more than $1 million to settle SEC charges.
This is all because she allegedly failed to disclose a payment she received for promoting a crypto asset on her official Instagram account.
The SEC said Kardashian failed to share that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax.
The reality star’s posts included a link to the EthereumMax website, which provided instructions for potential investors to purchase their tokens.
On Monday, SEC Chair Gary Gensler said putting #ad is just not sufficient to comply with SEC laws in regards to touting investments: “If you’re advertising perfuming, or you’re advertising vacation homes or anything else on the internet, there are various laws related to that. But these are the securities laws.”
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