Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), participated in a podcast. In Jon Stewart’s podcast, Gensler talked about the SEC’s lawsuit against Kim Kardashian for altcoin EhtereumMax. He said he aims to send a message through the markets by holding celebrities like Kardashian accountable. Here are the details…
Kim Kardashian was penalized for this altcoin
As we reported as Kriptokoin.com, Kim Kardashian was penalized for the EthereumMax token. She agreed to pay a $1.26 million fine to settle her charges regarding her efforts to promote this coin. Kim Kardashian was penalized for failing to disclose the fact that she was paid to post promotional posts about the cryptocurrency. Gensler reminded that other celebrities such as boxer Floyd Mayweather and DJ Khaled are also held responsible. Stewart, former host of “The Daily Show,” spoke about the importance of the SEC’s fines for the aforementioned celebrities. He asked if the institution was specifically going after big players.
“We do this with limited resources and a judicial system,” Gensler admitted. Gensler recalled that the SEC fined large companies such as Barclays and other major banks for violating US Securities laws. Gensler also pointed out that one of the largest financial institutions, Allianz, was fined a hefty $6 billion earlier this year. It also recalled that it holds Boeing responsible for misleading its customers about aircraft safety.
The SEC and its latest moves on the cryptocurrency space
Meanwhile, the SEC, allegedly, is not sitting idle. On Tuesday, Bloomberg reported that the SEC is conducting a special investigation into Yuga Labs, which is behind the Bored Ape Yacht Club. According to Bloomberg, the SEC is exploring how to categorize the role of NFTs and cryptocurrencies in the financial space. That means determining how to organize them. According to Bloomberg, the agency is investigating whether the company should follow the “notify” procedure found in securities. He is also examining the distribution of the ecosystem’s altcoin, ApeCoin.
In addition, the SEC has been in a legal battle with Ripple for nearly two years. The agency sued blockchain company Ripple in December 2020. The justification for the lawsuit is that Ripple is selling XRP as an unregistered security. Although the case in question has been tiring the Ripple community for almost two years, it is thought that the struggle will end soon. As is known, both parties applied for summary judgment. Even after this news, many investors shared their hopes for the rise of XRP. Indeed, the coin gained momentum before it was affected by the general market.
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