Billionaire Kim Kardashian agreed to pay $1.26 million to settle SEC charges for pumping EthereumMax token, which has nothing to do with Ethereum and is basically a sh**coin, on her Instagram page. She failed to disclose a payment she received for promoting the coin (How shocking!!!). She will cooperate with an ongoing investigation, and has agreed to not promote crypto securities for three years, the regulator added.
Well, let’s be real. In 2021, there were so many celebrities pumping various cryptos, many of which are literally sh**coins. I don’t want to name names but just google “celebrities shilling cryptos” to see who did it. I don’t understand this but some people will do anything to make an extra buck, even when they are already rich.
It’s a year late but I am glad the SEC is finally doing something about it. The Kim Kardashian settlement is an open-and-shut case with clear wrongdoings. But there are many gray-area cases which are still going through legal proceedings such as the Ripple vs. SEC case. Ripple’s XRP token was blatantly shilled on the Ellen DeGeneres show. I found that to be quite distasteful. Supposedly, the government is going to rule which cryptos are securities and which cryptos are currencies soon. But presently many bad actors are taking advantage of this ambiguity and blatantly shill various sh**coins to enrich themselves based on the false promise that these coins will make buyers rich. This needs to stop and I hope the SEC will move quickly to end this madness.