How Crypto Twitter reacted to Kim Kardashian’s $1.26M SEC fine

[FMCPAY_GLOBAL]

The crypto community reacted with a mix of disbelief and amusement after reality star Kim Kardashian was fined for promoting the cryptocurrency EthereumMax (EMAX).

The United States Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on Oct. 3, for “touting on social media” about the EMAX without disclosing she was paid $250,000 to post about it.

Kardashian has neither admitted to nor denied the SEC’s allegations, but settled the charges and agreed to not promote any cryptocurrency assets until 2025.

SEC chairman Gary Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn't “mean those investment products are right for all investors.”

(Source: Cointelegraph)

[Lagduf]

Any artise must do a deeply research before they wanna try to promote cryptocurrency. Ethereum max was a garbage scam token. No doubt if SEC was charging him back with more than one millions USD as fines for his action to promote the scam crypto. This proves that celebrity cares only money but they didn't even care with what happened with their followers. There are so many dumb celebrities.

[ryzaadit]

Not care too much.

Do we really care about this ? It's always happening while "Influencer or Famous People" who are suddenly come to crypto is just for promoted without any knowledge or even the Influencer it self understand about the asset/partnetshup they're doing.

All only care about money.

[Bitcoin_Arena]

Serves her right. This so-called celebrities are the people who mislead massed into investing in shitcoins and scams since people seem to instantly believe in them. I think Kim was not the only celebrity who shilled Ethereum Max though.
Floyd Mayweather was involved too, I am not sure why they haven't charged him yet

[wxa7115]

Not care too much.

Do we really care about this ? It's always happening while "Influencer or Famous People" who are suddenly come to crypto is just for promoted without any knowledge or even the Influencer it self understand about the asset/partnetshup they're doing.

All only care about money.

While I do not care about Kim Kardashian at least those celebrities which are promoting scam projects are getting fined, which I think it is a good thing for the community.

After all how many people have invested in useless coins just because they saw that one of their favorite artists were promoting a coin? And while it is obvious that for people with a long time of experience in this market such a tactic will not work, it is clear that it works on newbies, otherwise those scammers will not take the time to try to get people like Kim Kardashian to promote their useless coins.

[asriloni]

Not my first time to see that but i hope this may become my last time to see celebrities were promoting scam crypto again. Mostly of celebrities have zero knowledge about crypto. this has proven by so many celebrities who have been hired by scam project to promote their scam token.
A bit surprised to see the price of crypto that promoted by kim increased 100% which doesn't even make sense for me to see that.

[antsam]

I think it is the right step from the SEC in order to protect the general public from FOMO that occurs, I support the SEC and such preventive measures should be further enhanced in order to provide a healthy climate for the investment world, especially crypto

[cryptoaddictchie]

I think its nothing to her. SEC just reminding that dont aabuse your stance or position on social media to earn money. Well its not that isnt allowed but we are talking about cryptocurrency here. She just promoted it without probably knowing what it is or at least do some background check and review of the project.

What if there are some who buys a lot and loss a lot on the process, can Kardashian be liable on that provided she told a lot of good words about the project? The only thing is crypto is decentralized its your choice to invest here. But its not the reality now. If you are in the wrong investment youll get suffer a lot.

[Dave1]

Not my first time to see that but i hope this may become my last time to see celebrities were promoting scam crypto again. Mostly of celebrities have zero knowledge about crypto. this has proven by so many celebrities who have been hired by scam project to promote their scam token.
A bit surprised to see the price of crypto that promoted by kim increased 100% which doesn't even make sense for me to see that.

I don't think that this will be the last though, it's easy money for celebrities. But at least they should do their own research before trying to promote any crypto project. Or better yet just invest on crypto that is solid, like BTC or ETH.

I think it is the right step from the SEC in order to protect the general public from FOMO that occurs, I support the SEC and such preventive measures should be further enhanced in order to provide a healthy climate for the investment world, especially crypto

Isn't it that's what is the mandate of SEC to protect their consumers.

But the thing is this celebrities is such an influencer is taking advantage of their popularity like Kim K. So for us, we should also be careful and not get into this celebrities, it's our hard earn money anyway, so we must be careful.

[yazher]

Well! luckily for her they just settle on that amount and do not make any things hard for her. This is actually good news because right now celebrities will have an idea of how dangerous it is to promote random tokens or coins without knowing the reality of it. Most of the time, they will just take the payment and post some promotions about it, making it just an ordinary product but in reality, they could make fatal mistakes where they could ruin an innocent life by letting newbie investors invest in these random cryptocurrencies.

[el kaka22]

People act as if 1 million dollars is nothing to Kardashian's, and yes it may not be as big as it is for you or me, but they still feel that burn when they get it, which means this is a good lesson for them, and for anyone else. Do not promote projects for money without disclosing it, and if you disclose it then we know that you got paid for it and not really support it.

What we saw was Kim actually promoting and "liking" a project, some people may invest to the hype of that, and now that we know it is not real, we can say that she didn't even cared about the project. SEC needs to stop people who would do that, because it could cause many people to lose money.

[Crypt0Gore]

You all need to do research on Kim Kardashian's net worth before saying anything, it's like asking her to pay 70$ out of her 100,000$ bank account, SEC is forming like they are protecting us but that's not true, this is way too small to make her think that it's wrong to promote crap projects if she has another chance in the future I bet she will take it, again.

[zasad@]

The SEC has been like a circus lately.

https://twitter.com/RepTomEmmer/status/1549414159221227523?ref_src=twsrc%5Etfw
"Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to “come in and talk” to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation."

Boxer Mike Tyson says he is ‘All In’ on Solana (SOL)
https://www.binance.com/en/news/top/6765094

Or fine Elon Musk for pumping Dogecoin

[Bananington]

Boxer Mike Tyson says he is ‘All In’ on Solana (SOL)

The grievance with Kim is that she took money to promote a cryptocurrency she really doesn't know anything about, taking advantage of her fan base. If it had not been discovered that she was paid for the promotion, I guess the SEC would not have paid too much attention to it. Tyson seems to personally just have an interest in SOLANA as well as in NFT's, hence he is always vocal about it. If it is discovered that he is paid to do so, The SEC may slam him with fines as well, because it will in that situation be no different from Kim's case. If they don't, that's them being partial.

[poodle63]

You all need to do research on Kim Kardashian's net worth before saying anything, it's like asking her to pay 70$ out of her 100,000$ bank account, SEC is forming like they are protecting us but that's not true, this is way too small to make her think that it's wrong to promote crap projects if she has another chance in the future I bet she will take it, again.

Yeah you're right about that but repeating the same mistkae will put here into the big problem. It would better if he will not be promoting the scam token again. ethereum max is a very well known as a scam token and it can be identified easily without even looking on its project. Its name has been representing if it's a scam project. That means kim needs to learn from his mistake.

[inthelongrun]

EthereumMax seemed familiar. I first saw this name in the trunks of a popular boxer, I think it was Tank Davis. I was curious about it but I never tried to search for it too. Kim Kardashian deserved it. Anyways, this should not be much of a big deal to Kim. That penalty is just like dust to her.

These celebrities should be liable for the products and services they endorsed. It is part of the so-called social responsibility of a good citizen.

[Bitstar_coin]

Kardashian has neither admitted to nor denied the SEC’s allegations, but settled the charges and agreed to not promote any cryptocurrency assets until 2025.

What I found a bit intriguing is her agreeing to settle the $1.26 million fine over the miserly $250,000 she was paid. This just clearly displays the typical behavior of most of the crypto influencers and celebs who will only promote any project because of the money. Some actions do have consequences I guess Mrs. Kardashian just found that out a hard way.

[Xal0lex]

The crypto community reacted with a mix of disbelief and amusement after reality star Kim Kardashian was fined for promoting the cryptocurrency EthereumMax (EMAX).

All these media stars are almost always promoting outright scam and garbage. As one famous investor said, if I see a crypto product promoted by a famous person from the world of Internet, sports, etc., then I will refuse to invest in this project. Think about previous years, for example Floyd Mayweather ads, when he was advertising different ICO in social networks. No better than the current situation with Kim Kardashian, who advertises outright garbage. Then it all ends up in scandalous revelations and lawsuits.

[antsam]

I think it is the right step from the SEC in order to protect the general public from FOMO that occurs, I support the SEC and such preventive measures should be further enhanced in order to provide a healthy climate for the investment world, especially crypto

Isn't it that's what is the mandate of SEC to protect their consumers.

But the thing is this celebrities is such an influencer is taking advantage of their popularity like Kim K. So for us, we should also be careful and not get into this celebrities, it's our hard earn money anyway, so we must be careful.
[/quote]

It's true that he is an influencer but the effect he does is huge, so he shouldn't overdo it and he should be more selective in accepting endorsements and if necessary make a footnote that it's an advertisement.

[shinratensei_]

The SEC gives a clear message to all celebrities that they should not promote anything blindly when getting paid a hefty amount even their follower should also understand they should not follow anyone blindly whatever they promote. Celebrities should also care about their followers and should not do such endorsements that can suffer losses to anyone. The fine is a clear message to all celebrities and influencers not to promote anything blindly without doing any research.

The problem is sometime their managements who handled it was too lazy to dig it even deeper before try to promote it. I meant the celebrity may not know about that as their managements didn't even told about that. I do believe celebrities will not be in contact directly with the scammers who wanna try to use their service to promote the scam token. This time SEC gives celebrity another warn not to promote scam token.