Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission charges for promoting EthereumMax‘s crypto asset on Instagram and failing to disclose a payment she received for the promotion.
Gary Gensler, the chairman of the SEC, said on Monday (October 3rd), “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors.”
A lawyer for Kardashian said in a statement, “Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.”
Also on Monday (October 3rd), Kardashian launched a true crime podcast called The System on Spotify, according to Today. Spotify said in a statement, “Narrated by Kim Kardashian, alongside veteran true crime producer Lori Rothschild Ansaldi, ‘The System’ dives into the story of Kevin Keith, a man convicted of triple homicide who, for nearly three decades, has been working alongside his family to prove he was wrongly accused.”