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The SEC is bullying Kim Kardashian, and it could chill the influencer economy

Published 10/03/2022, 07:21 PM
Updated 10/04/2022, 09:20 PM
The SEC is bullying Kim Kardashian, and it could chill the influencer economy

The SEC is bullying Kim Kardashian, and it could chill the influencer economy

The Securities and Exchange Commission announced on Oct. 3 that Kim Kardashian settled an allegation that she promoted “a crypto asset security offered and sold by EthereumMax without disclosing the payment [of $250,000] she received for the promotion.” While she cooperated and closed the case with $1.26 million in penalties, the charge highlights the liability that “influencers” increasingly face as a result of an activist SEC that has failed to establish regulatory clarity.

Addressing the agency’s action against Kardashian, Jacob Robinson, a legal scholar and host of the Law and Code podcast, noted that “The net-positive is [that] this probably leads to less shilling by celebs who have zero knowledge of the underlying project & are just receiving a big payday.”

A leaked copy of rates to get a promotion from Ben Armstrong, known as "Bitboy."
Christos Makridis is an entrepreneur, economist and professor. He serves as chief operating officer and chief technology officer at Living Opera (NASDAQ:OPRA), a Web3 multimedia startup, and holds academic appointments at Columbia Business School and Stanford University. Christos also holds doctorates in economics and management science from Stanford University.

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