SEC Fines For Kim Kardashian Responded To Various Communities Crypto, Some Are Geli But Many Are Also Curious

SEC chairman Gary Gensler is considered to have targeted Kim Kardashian. (photo: Twitter @GaryGensler)

JAKARTA - Crypto communication reacted with various feelings between distrust and amusement after reality show star Kim Kardashian was fined for promoting the EthereumMax (EMAX) cryptocurrency.

Previously, the United States Securities and Exchange Commission (SEC) fined Kardashian 1.26 million US dollars on October 3, for "promoting on social media" about EMAX without revealing that he was actually paid 250,000 US dollars to post about it.

Kardashian initially did not admit or deny SEC allegations, but eventually settled the charges and fines imposed on him. He even agreed not to promote any cryptocurrency assets until 2025.

Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.

— Gary Gensler (@GaryGensler) October 3, 2022

SEC chairman Gary Gensler tweeted that this fine is a reminder that celebrity support makes investment opportunities increase but that doesn't mean the investment product is right for all investors.

Following Gensler's tweet, the online crypto community expressed their thoughts on the fine, with some citing the SEC for its alleged inconsistent enforcement decisions.

Economist Peter Schiff, known for his anti-Bitcoin (BTC) attitude, pointed out what he considers an unfair targeting of Kardashian as the SEC has yet to fine co-founder of MicroStrategy, Michael Saylor. Because Saylor is believed to have more profit from gaining crypto pumping.

On the other hand, Saylor replied by saying Bitcoin is not a security but a commodity. He also stated that his promotion would be "like an attempt to promote steel, or fire" and that the coin's open protocol offers "utiltarian beliefs similar to roads."

Crypto-personality and author, Layah Barypern, stated that he believes "SEC has bigger problems near homes that might focus on likely drawing up widely held beliefs in the community that certain US politicians have traded within them.

The pseudonym developer, 0xBender, noted something contrasting between SEC's heavy treatment of the promotion of crypto from celebrities, while crypto-centric influencers have given you trash for 0.2 ETH (Ethereum) tweets.

Others like former federal prosecutor Renato Mariotti said influencers who think to support cryptocurrencies should "record" because regulators show they are "aggressively pursuing law enforcement actions" and those promoting crypto without considering the law should immediately look for good lawyers."

Meanwhile, Ethereum educator and investor Anthony Sassano told his followers he believed the SEC was targeting Kardashian because it created the illusion that regulators were "doing something" about crypto scams, and suggested it should target EMAX creators instead.

However, some are looking at a lighter side than just investing in volatile and highly speculative crypto tokens, when journalist Tyler totaling the star "gets a full crypto experience" by losing more money than he has paid.

Hackers describing himself and tech content creator Marcus Hutchins say Kardashian "will get a better return" at EthereumMax due to a 97% drop since his post, compared to the -80% return promotions for him.