When Kim Kardashian is in the news, it is often after she has debuted a new product, such as a line of bathroom accessories that cost an eye-popping amount, or after the reality star has made an appearance on the red carpet that has caused controversy. There is a possibility that fans may be swamped with reports on who the mother of four is dating or what she is saying on social media. But Kardashian is now popular for yet another reason that nobody saw coming. The SKIMS tycoon is reportedly in hot water with the Securities and Exchange Commission (SEC), and as a result, he will be required to pay a substantial fine for allegedly violating restrictions regarding the online promotion of cryptocurrencies (via Bloomberg).
A detail that Kardashian did not disclose at the time, according to the SEC, is that she was paid a quarter of a million dollars to promote EMAX tokens to her 331 million Instagram followers. However, she did not reveal this information at the time. According to NPR, the celebrity is reportedly giving back her take from the campaign as part of the $1 million settlement that she is reaching with the regulatory agency because of the omission. In addition, the TV staple is barred from publishing anything related to cryptocurrency for the next three years.
Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities. “Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities,” said SEC chair Gary Gensler in a statement about the situation. It is clear that SEC chair Gary Gensler is trying to make an
Kim Kardashian is providing some insight into how she feels about resolving the dispute with the SEC via her attorney, Patrick Gibbs. The lawyer at the legal firm Cooley said that his well-known client “completely cooperated with the SEC from the very beginning and she continues prepared to do anything she can to help the SEC in this situation.” He went on to say that she is planning to further her several other “enterprise endeavors.”
Twitter users are weighing in on the settlement, even if the expert on underwear may be eager to move on with his life. The omission seemed to be even more egregious for someone who is pursuing a career as a lawyer, which was one of the comments that predominated on the social networking website.
There were a lot of people on Twitter who were surprised by the relatively little amount of money that the celebrity, who is worth well over a billion dollars, was being asked to pay. One person joked that the amount of money was “her shoe budget for the month.”