SEC Should Target Do Kwon – But She's Distracted By Kim Kardashian

Do Kwon should be the focus of regulators' attention. Instead, they're distracted by Kim Kardashian's grandstanding.
Opinion
In less than a week, Terraform Labs founder Do Kwon's passport will expire. Interpol issued a red notice for Kwon last month, and this month his assets were reportedly frozen by the South Korean government.

Kwon tweeted freely in response - and almost always denies the reports. "I don't know who owns the funds they have frozen, but good for them, I hope they use them for good," he wrote in a message. Playing cat and mouse with authorities and the public, Kwon seems to live a life of freedom while enjoying his access to the internet.

Meanwhile, regulators at the United States Securities and Exchange Commission have sharply reprimanded Kim Kardashian and other celebrities for shilling-matching cryptocurrency projects. Although they deserve to be reprimanded, bad actors like Kwon continue to evade the long arm of regulators.
Kim Kardashian shilling crypto is the tip of the iceberg
Kardashian promised the SEC that it would pay a $1.26 million settlement after promoting EthereumMax (EMAX) on its Instagram account. Fittingly, the reality TV star was penalized for not disclosing the $250,000 she was paid to shill the shitcoin, which plummeted 98% shortly after it was approved. (She revealed that she had been paid but not the exact amount.)

Following the court ruling, SEC Chairman Gary Gensler proclaimed, "This case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it does not mean that these investment products are suitable for all investors.” He added that the case was "a reminder to celebrities and others that they are required by law to disclose to the public when and how much they are paid to promote securities investing."

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Crypto Oct 14, 2022 0 110 Add to Reading List

SEC Should Target Do Kwon – But She's Distracted By Kim Kardashian

Do Kwon should be the focus of regulators' attention. Instead, they're distracted by Kim Kardashian's grandstanding.

The SEC should be aiming at Do Kwon — But it's getting distracted by Kim Kardashian

Opinion

In less than a week, Terraform Labs founder Do Kwon's passport will expire. Interpol issued a red notice for Kwon last month, and this month his assets were reportedly frozen by the South Korean government.

Kwon tweeted freely in response - and almost always denies the reports. "I don't know who owns the funds they have frozen, but good for them, I hope they use them for good," he wrote in a message. Playing cat and mouse with authorities and the public, Kwon seems to live a life of freedom while enjoying his access to the internet.

Meanwhile, regulators at the United States Securities and Exchange Commission have sharply reprimanded Kim Kardashian and other celebrities for shilling-matching cryptocurrency projects. Although they deserve to be reprimanded, bad actors like Kwon continue to evade the long arm of regulators.

Kim Kardashian shilling crypto is the tip of the iceberg

Kardashian promised the SEC that it would pay a $1.26 million settlement after promoting EthereumMax (EMAX) on its Instagram account. Fittingly, the reality TV star was penalized for not disclosing the $250,000 she was paid to shill the shitcoin, which plummeted 98% shortly after it was approved. (She revealed that she had been paid but not the exact amount.)

Following the court ruling, SEC Chairman Gary Gensler proclaimed, "This case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it does not mean that these investment products are suitable for all investors.” He added that the case was "a reminder to celebrities and others that they are required by law to disclose to the public when and how much they are paid to promote securities investing."

Related: