How Crypto Twitter Reacted To Kim Kardashian's $1.26 Million SEC Fine
Some pointed to the regulator's alleged hypocrisy, others told crypto influencers to get a lawyer, while a few stood poked fun at the reality TV star.< /p>
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The crypto community reacted with a mix of disbelief and amusement after reality TV star Kim Kardashian was fined for promoting the EthereumMax (EMAX) cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on Oct. 3 for "bragging on social media" about EMAX without disclosing that she had been paid $250,000 to post about it.
Kardashian has neither admitted nor denied the SEC allegations, but has settled the charges and agreed not to promote any cryptocurrency assets until 2025.
SEC Chairman Gary Gensler tweeted that the fine was a reminder that celebrity endorsements of investment opportunities do not mean "these investment products are suitable for all investors."< /p>
Today @SECGov we indicted Kim Kardashian for illegally claiming cryptographic security.
This case reminds us that when celebrities/influencers endorse investment opportunities, including crypto asset securities, it does not mean that those investment products are suitable for all investors.
— Gary Gensler (@GaryGensler) October 3, 2022Following Gensler's tweet, the online crypto community has spoken out about the fine, with some calling out the SEC for inconsistent enforcement decisions.
Economist Peter Schiff, known for his anti-Bitcoin (BTC) stance, pointed out what he perceived to be unfair targeting of Kardashian, as the SEC did not fine the co-founder of Kardashian. MicroStrategy, Michael Saylor, who he says has "more to gain." pump the crypto."
SEC fines @KimKardashian $1.2M for pumping #crypto. And the real pumps? @saylo...
Some pointed to the regulator's alleged hypocrisy, others told crypto influencers to get a lawyer, while a few stood poked fun at the reality TV star.< /p>
New
The crypto community reacted with a mix of disbelief and amusement after reality TV star Kim Kardashian was fined for promoting the EthereumMax (EMAX) cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on Oct. 3 for "bragging on social media" about EMAX without disclosing that she had been paid $250,000 to post about it.
Kardashian has neither admitted nor denied the SEC allegations, but has settled the charges and agreed not to promote any cryptocurrency assets until 2025.
SEC Chairman Gary Gensler tweeted that the fine was a reminder that celebrity endorsements of investment opportunities do not mean "these investment products are suitable for all investors."< /p>
Today @SECGov we indicted Kim Kardashian for illegally claiming cryptographic security.
This case reminds us that when celebrities/influencers endorse investment opportunities, including crypto asset securities, it does not mean that those investment products are suitable for all investors.
— Gary Gensler (@GaryGensler) October 3, 2022Following Gensler's tweet, the online crypto community has spoken out about the fine, with some calling out the SEC for inconsistent enforcement decisions.
Economist Peter Schiff, known for his anti-Bitcoin (BTC) stance, pointed out what he perceived to be unfair targeting of Kardashian, as the SEC did not fine the co-founder of Kardashian. MicroStrategy, Michael Saylor, who he says has "more to gain." pump the crypto."
SEC fines @KimKardashian $1.2M for pumping #crypto. And the real pumps? @saylo...
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