July 18, 2024

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It appears like Kim’s legal professionals delivered a fairly whole lot for the truth TV star – she’s price $1.8 billion, and has reached an settlement to settle the matter for $1.26 million.

She additionally doesn’t should admit any wrongdoing.

ALL THIS STEMS FROM WHEN SHE VIOLATED US LAW BY PROMOTING A COIN ON INSTAGAM, WITHOUT DISCLOSING THAT SHE WAS PAID TO DO IT. 

Her ‘endorsement’ was fairly cringeworthy, however I’m in all probability not in her goal demographic. The put up mentioned: “ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”

While the settled-on amount is too low to impact a billionaire, the SEC’s newest statement on the matter was surprisingly positive, saying in part; “She wished to get this matter behind her to keep away from a protracted dispute. The settlement she reached with the SEC permits her to try this in order that she will be able to transfer ahead along with her many various enterprise pursuits”.

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors” Said SEC Chair Gary Gensler.

ONE INTERESTING BIT…

There’s been some emphasis by the SEC on Kim assisting them ‘on “different instances’” – but this is the only time she has ever promoted a cryptocurrency.

Explained in the SEC’s own words “(Kim) cooperated with the SEC from the very starting and she or he stays prepared to do no matter she will be able to to help the SEC on this matter.” – this seems to clash with previous statements of this being a deal to allow her to “put this all behind her”.

The most likely scenario is Kim sharing information on other projects that approached her, allowing the SEC to take note of which projects intended to spend a sizeable budget on celebrity endorsements.  Once they have this, they can begin to see what those companies ended up doing, and if any celebs that were eventually hired properly disclosed their status as paid endorsers. 

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

 

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