Kim Kardashian was Fined $1.26 million for manipulating?
Celebrities have been paid to promote cryptocurrencies and blockchain projects.
Kim Kardashian has been fined $1.26 million by the SEC for not disclosing that she was being paid for promoting EthereumMax on her Instagram account.
The SEC warns that there is no guarantee regarding celebrities or influencers.
Kim Kardashian promoted EthereumMax to her followers for profit and without disclosing the deal.
After accepting a $1.26 million settlement, Kardashian will cooperate in the investigation and pay the fine of $1 million.
As Kim did, other celebrities might also be charged if they do not disclose their intentions when promoting certain companies.
With the SEC's investigation into Ethereum, cryptocurrency is now getting media attention.
It might spark more regulatory action in the cryptocurrency space.