Kim Kardashian settles SEC crypto case against her

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Updated October 6, 2022 | Published October 6, 2022

2 mins read

Kardashian will have to pay a $1.26m fine for promoting crypto products which the regulator said were misleading.

Kim Kardashian has been accused of pushing a cryptocurrency advertisement onto consumers by the US Securities and Exchange Commission (SEC.

The regulator fined Kardashian $1.26m, responding to a TV spot for which Kardashian was paid $250,000 to promote the product.

Matt Damon and other celebrities were vocally criticized for their endorsement of cryptocurrencies with many arguing that the celebrities were either misled or had no idea what they were pushing onto consumers.

South Park, a satirical animated TV series, mocked Damon for good many episodes and did not stop shy of calling cryptocurrencies a “scam”.

Kardashian is happy that she has been able to settle the case. In a statement to the BBC, her lawyer said that the star was satisfied with the outcome and thankful that the case against her had come to an amicable conclusion.

Kardashian and Damon are not the sole stars to have pushed cryptocurrencies rather aggressively onto the broader public.

Floyd Mayweather Jr, whose moniker is “moneymaker” was another popular person to have made a strong case for cryptocurrencies over the years and to have benefited from them.

SEC and other regulators around the world have been warning against the use of cryptocurrencies, calling them speculative assets that can cost investors a lot of money.

In Australia, the number of people who own cryptocurrencies  is going up.  This comes even though many people in Australia are actually falling victims to various complicated scams that leave them penniless.

Role models, though, are the next to bear the brunt of regulatory ire for trying to steer public opinion on crypto.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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