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 ...