Last Updated on 10/06/2022 by てんしょく飯
Kim Kardashian has settled with the Securities and Exchange Commission.
Reality star Kim Kardashian was accused by the Securities and Exchange Commission (SEC) of failing to disclose the compensation she received for promoting crypto assets (virtual currency) on her Instagram account.
However, on Monday, October 3, the Commission announced that it had reached a settlement with Kim.
SEC Chairman Gary Gensler said in a news release, “This case serves as a reminder that even though celebrities and influencers promote investment opportunities involving crypto asset securities, their products may not be suitable for all investors,” and added, ” celebrities should be reminded that they are required by law to disclose when and how much they were compensated for promoting securities investments,” he noted.
According to the SEC, Kim agreed to pay $1.26 million to settle charges for promoting the crypto asset Ethereum Max on her Instagram. He also agreed to cooperate with the ongoing investigation and to not promote crypto securities for the next three years.
Kim has neither admitted nor denied the contents of the SEC’s investigation.
Attorneys representing Kim also released a statement. Kardashian has been fully cooperating with the SEC from the beginning and is willing to do whatever she can to support this matter. She wanted to put this matter behind her to avoid prolonging the controversy, and the agreement with the SEC has allowed her to do that and to move forward with various business matters.
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