Kim Kardashian is paying a $1.26 million fine to the Securities and Exchange Commission to settle civil charges after the reality TV star touted a crypto asset on her Instagram account.
Kardashian failed to disclose she was paid $250,000 to do the post.
The settlement includes a $1 million fine and forfeiting the $250,000 payment, plus interest. Kardashian is also using this opportunity to work with the SEC to education others about this disclosure issue.
Kardashian posted on June 13, 2021, “This is not financial advice but sharing what my friends told me about the ethereum max token!”
She added different hashtags, including #ad, along with #emax, #disrupthistory, and others. The #ad is not sufficient to comply with SEC laws in regards to touting investments according to the SEC.
Over the years I’ve shared numerous posts and have been interviewed dozens of times on this topic. If you’re an influencer and have questions about FTC and SEC requirements, especially in a web3 world (more stringent because of investments/securities), start here.
Our new “Save The World DAO” is a public decentralized autonomous organization designed to bring humanity together to create positive social, justice, and environmental change. Each month we will use the #DAO to raise, vote and donate funds, and distribute those funds, to support different groups and organizations.
If you’re playing in the NFT sandbox, you MUST watch this interview, take notes and understand what my dear friend, attorney Ira Rothken, and his business partner, Richard Taub, share in this interview.
It’s amazing how many creators, artists and entrepreneurs don’t appreciate all of the legal land minds that are facing them each day with minting, buying, selling, investing, and playing in the Web3 spaces.
Ira is the OG when it comes to being a coder, tech lawyer, investor and tech/web3 startup guy. His influence and finger prints are behind many of the projects you see on your phone each and every day. Again, give this a watch and please pay attention to the details.