From WSJopinion: Leave Kim Kardashian alone. The SEC has better things to do than police celebrity crypto endorsements, write M. Todd Henderson and maxraskin.
The Securities and Exchange Commission said this week that it has settled charges against Kim Kardashian for promoting a crypto investment on her Instagram page. In June 2021, Ms. Kardashian touted EthereumMax’s token, EMAX, to her 331 million followers, without disclosing she was paid $250,000 for the post.
It was a bad investment for her followers. EMAX has since lost 99% of its value. To settle the charges, Ms. Kardashian must disgorge the fee with interest, pay a million-dollar penalty, and promise not to promote any crypto products for three years.
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