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Kim Kardashian fined by SEC for touting crypto without disclosing payment


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From the article -

Kim Kardashian was fined $1.26 million by a federal regulator for touting a crypto security, part of a high-profile crackdown on celebrities pushing cryptocurrencies.

The Securities and Exchange Commission fined Kardashian over an Instagram post she made in 2021 about what’s called EMAX tokens, without disclosing her payment of $250,000 from the issuer, EthereumMax.

You reckon the SEC will give the same treatment to their own, current or former?

Full article here - https://www.marketwatch.com/story/kim-kardashian-fined-by-sec-for-touting-crypto-without-disclosing-payment-11664797775?mod=home-page. Open in private browsing windows if paywalled.

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     The SEC, doesn't have legal guidelines to cryptocurrencies. That can only be done by congress. Punishment without such guidelines is reckless. We are witnessing the opposite of what was done during the early days of the internet, 1g-5g telephone networking, and damn near any technology that promises economic growth within the U.S. The SEC is by itself giving an economic advantage to political and economic adversaries by being greedy with its attempts to expand into a market that they themselves have not been appointed to control. It is a power grab, a money grab, and a regulation grab at the expense of the U.S. economy and at the expense of speculators, investors, and businesses that are trying to adopt new technology that creates efficiencies within payments and adds to economic competition. In the end the SEC is hurting its own people.

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The KK thing is a bit of an easy money grab for the SEC, but more importantly for them, a way of trying to grab back some good publicity, which is just a sad indictment of how this agency works. They where getting destroyed on social media, so somebody there decided to pull this high level PR stunt, to win back at least some of the publics favour. This agency is not fit for purpose and will continue to destroy crypto every chance it get's, making Jamie Dimon and his mates happy, is this agencies goal.

Edited by HAL1000
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On 10/4/2022 at 1:30 AM, QuestionMark said:

Am I the only one seeing the ludicrous irony of SEC fining someone for promoting a crypto currency without disclosing she got paid to do so in the light of Hinman's apparent deal with Ether?

If they admitted to someone getting paid to promote a crypto, then they would open themselves to being accused, and rightfully so, of doing the same. It opens up a liability.

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