SEC fines Kim Kardashian $1.26 million over Instagram post touting crypto. Still, over one-third of people rate online investing advice as ‘extremely important’
On Monday, the Securities and Exchange Commission announced it was imposing a $1.26 million fine on social-media influencer and businesswoman Kim Kardashian for touting a cryptocurrency without declaring how much she was paid for the ad.
— World Economic Forum online poll of 9,000 respondents Kardashian posted about EthereumMax and its EMAX tokens on her Instagram META feed, but she did not disclose a $250,000 payment from the issuers to publish the post, SEC regulators wrote in their decision on Monday. Others have come under scrutiny for unlawfully touting cryptocurrencies, SEC Chairman Gary Gensler said Monday in a CNBC interview. Count people like boxer Floyd Mayweather, hip-hop impresario DJ Khaled and actor Steven Seagal in those ranks, he said.
The World Economic Forum surveyed more than 9,000 people across nine countries to gain insights into the minds of retail investors and non-investors. Participants came from countries including the United States, various European countries, Brazil, South Africa, China and Japan. The World Economic Forum report suggests social media’s investing influence is more pronounced in emerging markets, like Brazil, South Africa and China. “More than 65% of investors in emerging markets ranked social media as extremely or moderately important in making investment decisions,” researchers said in the report, done in conjunction with Accenture ACN and BNY Mellon BK .
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