The crypto community reacted with a mix of disbelief and amusement after reality star Kim Kardashian was fined for promoting the cryptocurrency EthereumMax (EMAX).
The United States Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on Oct. 3, for “touting on social media” about the EMAX without disclosing she was paid $250,000 to post about it.
Kardashian has neither admitted to nor denied the SEC’s allegations, but settled the charges and agreed to not promote any cryptocurrency assets until 2025.
SEC chairman Gary Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn’t “mean those investment products are right for all investors.”
Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.
This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
— Gary Gensler (@GaryGensler) October 3, 2022
Following Gensler’s tweet, the online crypto community expressed their thoughts on the fine, with some calling out the SEC for its inconsistent enforcement decisions.
Economist Peter Schiff, known for his anti-Bitcoin (BTC) stance, pointed out what he perceived was an unfair targeting of Kardashian as the SEC hasn’t fined MicroStrategy co-founder Michael Saylor who he believes has “more to gain pumping crypto.”
The SEC is fining @KimKardashian $1.2 million for pumping #crypto. What about the real pumpers? @Saylor had much more to gain pumping crypto than Kim. Or @CNBC paid millions for ads by crypto companies, then pumping #Bitcoin non-stop while providing industry pumpers with airtime?
— Peter Schiff (@PeterSchiff) October 3, 2022
Saylor responded saying Bitcoin isn’t a security but a commodity and its promotion would be “similar to promoting steel…or granite” and the coin’s open protocol offers “utilitarian beliefs similar to roads.”
Crypto-personality and author Layah Heilpern shared she believed “the SEC has bigger issues closer to home it should probably focus on…” likely inferring the widely held belief in the community that certain U.S. politicians have inside traded.
The SEC will go after Kim Kardashian for shilling a crypto but not Nancy Pelosi for insider trading her way to a hundred million dollars https://t.co/i0bZKjaxjJ
— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA) October 3,…
Click Here to Read the Full Original Article at Cointelegraph.com News…
