The SEC has settled the case with American socialite Kim Kardashian after deciding to pursue a settlement. In this case, Kardashian promoted a cryptocurrency called EthereumMax (EMAX) without disclosing her connection to it. The crypto has garnered a great deal of controversy, and the SEC claims that Kardashian violated federal securities laws in promoting it. Although Kardashian has yet to admit to any wrongdoing, she has agreed to pay a fine of $1.3 million and cooperate with ongoing investigations.
The SEC charged Kim Kardashian with violating federal securities laws for promoting EthereumMax on Instagram without disclosing her connection to the company. The Instagram post included a link to the company’s website and instructions for buying EMAX tokens. The SEC found that Kim Kardashian did not disclose that she had received a payment of $250,000 to promote the cryptocurrency. The settlement stipulated that Kim Kardashian will not promote crypto assets or pay for them for three years.
Kim Kardashian’s lawyers say they are pleased with the resolution of the case with the SEC. The Kardashians’ attorneys have stated that Kim Kardashian cooperated fully with the SEC from the beginning and remains willing to help with the SEC’s investigation. The settlement will allow Kim Kardashian to continue her business ventures without having to worry about a protracted legal battle.
So how many Instagram posts will Kardashian have to make to cover the cost of this $1.3 million fine? The Daily Blaze asked some questions and found that the amounts per post vary and there are lots of opinions about her posting power. According to Influence Marketing Hub she makes up to $1 million per post. The Nina says it is more — $1.42 million per post. With that higher estimate she can pay the SEC bill with one post and even get change in return. No wonder her attorneys were “pleased” with the resolution. For someone like Kardashian it is like a slap on the wrist. Kardashian could become the Elon Musk of entertainment in the world of social media.