SEC Fines Kim Kardashian for promoting cryptocurrency token!
In this weeks biggest non-story …
SEC charged Kim K. with promoting a security, and other charges.
She reportedly settled without admitting wrong doing and paid a 1.26 million dollar fine.source
The sad part is she reportedly was only paid $250,000 dollars for the crypto promotion.
But the other part that is overlooked is that she said it was a paid promotion, and told people to do their own research. So regardless of whether you love or hate her, to be fair you should acknowledge that she was up front about being paid, and she told you to be an adult, as in do your own research.
Personally I think this is a non-story, a transparent attempt to focus attention on Gary Gensler, the SEC Chairman by borrowing some of the limelight from Kim Khardashian.
The real tragedy is that there are much larger scams in the crypto world, which the SEC seems to ignore.
The whole Terra Luna Fiasco was filled with companies behaving irresponsibly with other peoples money, that they had actually promised to invest responsibly. Now that is criminal, but it’s like the gorilla in the room that no one wants to talk about.
The smell of scams from the crypto banks which followed Terra Luna to bankruptcy is a trail the SEC should be following.
The irony here of the SEC chasing this person doing a paid advertisement, but we haven’t heard anything about them going after the people who run the token she is being fined for advertising.
It literally makes no sense.
Another huge irony…
While many politicians and regulators have used The Terra Luna disaster to beat up Stablecoins and threaten to outlaw Stablecoins. Stablecoins are ironically some of the safest cryptocurrency investments out there: there name says it all Stablecoins.
The fact that one stablecoin failed is no more indicative of all Stablecoins being bad, then if one countries fiat becoming worthless making all other countries fiat bad.
I hope the eruption of memes and criticism on Twitter helps the SEC redirect their efforts on the big fish.
