Here are the details of the US Securities and Exchange Commission’s indictment of “Kim Kardashian”
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Answer Here are the details of the US Securities and Exchange Commission’s indictment of “Kim Kardashian”
News of the US Securities and Exchange Commission (SEC) indictment has spread to US media personality Kim Kardashian for her role in promoting the digital currency EthereumMax (EMAX).
I told The regulator, in a press release on Monday, announced Kardashian’s refusal to disclose her fee for promoting the EMAX digital currency, and considered it a violation of US securities laws.
Kim Kardashian covers up how much she got for defaming EMAX cryptocurrency:
According to the SEC, Kim Kardashian complied with the agency’s demands regarding the terms of the settlement.
Overall, these terms include a $1.26 million cost and cooperation with the SEC’s current investigation into the matter.Read:Why haven’t the Ethereum transaction fees decreased despite the latest update?
The $1.26 million fee includes forfeiture of $260,000 of the amount she received, and $1 million in penalties for legal infringement.
The SEC said in a statement that Kardashian had refused to disclose a $250,000 reward for promoting the EMAX cryptocurrency, which has been designated a security.
The fee comes despite Kardashian revealing that the promotion was just an advertisement.
According to the SEC, Kardashian violated its anti-promotion rules.
According to the same body, the federal securities laws are clear that any famous person or any other person promoting crypto assets in the form of securities, must disclose the nature, source and amount of compensation received for the promotion.
Gurbir Grewal, director of the implementation department at the SEC, told:
The public needs to know if the promotion is motivated and biased or not.
As this would help them in making a more informed investment decision.
But Kardashian omitted this crucial piece of information.
Speaking on the matter, SEC Chair Gary Gensler endorsed Grewal’s comments.
Jensler mentioned that celebrities should pick a lesson from the Kim Kardashian affair.Read:Lightning Network Expands Bitcoin Capacity With Potential to Boost Its Growth More Than Twitter
According to him, that lesson is the fact that there are laws that require them to disclose how much they are getting paid for promoting security tokens.
CNBC has hosted Andrew Sorkin and Rebecca Kwik for their slick ‘Squawk Box’ segment to discuss the matter.Read:327,000 ETH left the exchanges in the last 7 days…Details here
According to Sorkin, there is still little ambiguity in the SEC’s allegations.
This is particularly due to the fact that Kardashian indicated that the post was an advertisement.
Thus, they look forward to hosting President Gensler at the show to provide more ideas.
This would not be the first time that a financial regulator has charged a high-profile figure to promote cryptocurrency.
Last month, the Securities and Exchange Commission (SEC) filed a lawsuit against popular crypto investor Ian Ballina. The lawsuit alleges that the media personality violated securities laws in promoting SPRK cryptocurrency in 2018.
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