Celebrities have long been tied up in the world of cryptocurrencies, NFTs and other digital assets. Could Kim Kardashian’s $1.26-million settlement with the SEC signal changing headwinds?
NFTs from their Twitter profile pictures — Kardashian’s fine indicates that regulators, at least, are still watching the space with interest.
Celebrity endorsements “done openly and transparently” can make a crypto asset more credible by tying it to a public figure’s reputation, said Castiglione, whose company counts several cryptocurrency trading platforms among its clients. But “they can also be abused for pump-and-dump schemes” just like with other types of assets, he added.
“The SEC has been pursuing other celebrities for promoting tokens that the SEC believes are securities for a while now,” attorney Jason Gottlieb, a partner at Morrison Cohen and its chair of white-collar and regulatory enforcement, said in an email. “The new point in the [Kardashian] settlement is that the token in question was labeled to be a security” — although, he added, “There hasn’t been any action against that token finding that it is.
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