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The Kim Kardashian SEC case sets an important precedent that other "undisclosed shillers" like Bitboy and The Moon Carl can get sued

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by COINS NEWS 80 Views

The Kim Kardashian SEC case sets an important precedent that other "undisclosed shillers" like Bitboy and The Moon Carl can get sued

As you know by now, the SEC sued Kim Kardashian over the EthereumMax scam and she had to pay over a $1 million fine and cannot interact with any "crypto asset security" for three years. This verdict is disappointing given how rich Kim Kardashian is. But there might be a silver lining that this sets an important precedent for the future where famous "crypto influencers" in this space will get sued. Let me elaborate:

The SEC summary in the filing reads: "On June 13, 2021, Kardashian—a well-known media personality and businesswoman—touted on social media a crypto asset security that was being offered and sold. Kardashian did not disclose that she was being compensated for giving such security publicity by the entity offering and selling the security. Kardashian’s failure to disclose this compensation violated Section 17(b) of the Securities Act, which makes it unlawful for any person to promote a security without fully disclosing the receipt and amount of such consideration from an issuer. "

So the main crime here was not that Kim Kardashian posted about EthereumMax, but that she failed to disclose that she received financial compensation. Who also failed to disclose receiving financial compensation for projects they shilled? Well, let me show you a list of some of the social media "influencers" that have done this in recent years:

  • Thecryptolark
  • Bitboy_Crypto
  • TheMoonCarl
  • Crypto_BanterIvanOnTech
  • Crypto_Birb
  • Elliotrades
  • MMCrypto
  • LadyofCrypto1
  • Thecryptomist
  • Astrones2
  • Crypto_Scofield
  • TonymontanaATH
  • CryptoTony__
  • Scottmelker
  • CryptoWizardd

Oh and who is about to name a ton of our projects a security, including a lot of projects shilled by these people without any disclosure of being paid for it? Our friend Gary:

https://preview.redd.it/5bcvvsoaulr91.png?1077&format=png&auto=webp&s=49447e1922aab49f2cf52bff0b8730f47e7aa296

Hence, it would not surprise me at all to see the SEC go after some of the big offenders in this space, like Bitboy and The Moon Carl. There is clear evidence of these people doing undisclosed paid shills, thanks to the work of people like ZachXBT. These influencers would not get the same protection that Kim Kardashian received and a huge fine would hurt these social media fuckboys A LOT more.

I cannot wait. Make it happen, Gary. Protect us! If you could be so kind, can you give the fines they pay to the people they dumped on? Or perhaps send these scammers to jail instead? Thanks in advance.

submitted by /u/Beyonderr
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