Some pointed out the regulator’s supposed hypocrisy, others told crypto-influencers to lawyer up, whereas a couple of poked fun at the reality TV star.
The crypto community reacted with a mix of disbelief and amusement when reality star Kim Kardashian was fined for promoting the cryptocurrency.
The us Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on October. 3, for “touting on social media” about the EMAX without disclosing she was paid $250,000 to post about it.
Kardashian has neither admitted to nor denied the SEC’s allegations, however settled the fees and united to not promote any cryptocurrency assets till 2025.
SEC chairman port of entry Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn’t “mean those investment merchandise square measure right for all investors.”
Following Gensler’s tweet, the web crypto community expressed their thoughts on the fine, with some line out the SEC for its inconsistent enforcement decisions.
Economist Peter Schiff, noted for his anti-Bitcoin (BTC) stance, got wind what he perceived was an unfair targeting of Kardashian as the SEC hasn’t fined MicroStrategy co-founder archangel Saylor who he believes has “more to gain pumping crypto.”
Saylor responded, saying Bitcoin isn’t a security however a artifact and its promotion would be “similar to promoting steel…or granite” and the coin’s open protocol offers “utilitarian beliefs like roads.”
Crypto-personality and author Layah Heilpern shared she believed “the SEC has larger problems nearer to home it ought to probably} focus on…” likely inferring the wide control belief within the community that sure U.S. politicians have within listed.
Pseudonymous developer 0xBender noted a contrast between the SEC’s heavy-handed treatment of crypto promotions from celebrities, whereas crypto-centric influencers “have been out here shilling you garbage for zero.2 ETH a tweet.”
Others like former federal prosecutor Renato Mariotti said influencers thinking of endorsing cryptocurrencies ought to “take note” because the regulator is showing it'll “aggressively pursue enforcement actions,” and people who promote crypto while not considering the laws can “need to find a good lawyer.”
Meanwhile, Ethereum professional and investor Anthony Sassano told his followers he believes the SEC targeted Kardashian as a result of it creates the illusion the regulator is “doing something” concerning crypto scams and instructed it should’ve targeted the creators of EMAX instead.
( Judith Bannermanquist, Cointelegraph, 2022 )