Kim Kardashian’s cryptocurrency crisis.

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Kim Kardashian’s cryptocurrency crisis.

Kim Kardashian fined US$1.26 m for failing to disclose she had been paid to advertise cryptocurrency.

Warning to all celebrities regarding undisclosed endorsement deals.

Kim Kardashian has been fined US$1.26 m by the US Securities and Exchange Commission (SEC) for failing to disclose that she had been paid US$250,000 to advertise the cryptocurrency EthereumMax. 

Kim Kardashian has also agreed not to promote crypto currency for 3 years.

The reality star’s legal representative pointed out: :

“Ms Kardashian is pleased to have resolved this matter with the SEC…Ms Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business interests”

Gary Gensler, nominated by Joe Biden to be Chair of SEC, pointed out that the case is a “reminder” that celebrity endorsement does not necessarily make a product worth investing in. 

“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….. Celebrity endorsements..don’t mean that an investment product is right for you or even, frankly, that it’s legitimate. Even if a celebrity endorsement is genuine, each investment has its own risk and opportunities. When it comes to crypto, remember many of these are highly speculative assets. You may be wondering if it’s right for you or even if it might be a scam.”

Endorsements can be an extremely lucrative revenue streams for celebrities.

In addition to large fees celebrities may also benefit from equity in the companies they promote. 

It is essential, however, that the rules are followed otherwise penalties – both financially and reputationally – can be severe…….

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