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SEC Issues Latest Warning Shot for Celebrities Promoting Crypto

Oct. 3, 2022, 7:12 PM

Celebrities looking to make a quick buck shilling cryptocurrencies got a reminder Monday that regulators are watching.

The message came from the Securities and Exchange Commission, which announced that Kim Kardashian will pay $1.26 million to settle allegations that she broke US rules by promoting a crypto token on her Instagram, without disclosing to her followers that she was paid $250,000 to pitch it.

Kardashian is one of many high-profile celebrities — from Justin Bieber and Madonna to Reese Witherspoon, Paris Hilton and Tom Brady — who touted various digital assets in recent years, and in some cases sent their prices soaring. But the famous promoters ...