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.
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