The Securities and Exchange Commission (SEC) pressed charges against American celebrity Kim Kardashian. However, Kim paid around $1.26 million in penalties in order to settle the charges. Meanwhile, John Deaton, Amicus Curiae in the XRP lawsuit has highlighted the commission’s new approach towards crypto in the complaint.
SEC chair changing narrative over crypto?
Deaton mentioned how SEC Chair Gary Gensler has labeled the term as ‘Crypto asset security’. He states that this is a part of controlling the narrative.
XRP lawyer added that the commission is no longer mentioning them as the ‘Digital asset security’. This term was used in the Ripple labs and LBRY cases. While the SEC Chair is now projecting it as the ‘crypto securities. Deaton believes that it is all about pushing the narrative.
He further added SEC chair is creating, controlling and perpetuating a narrative. While he mentions that Gensler is playing a zero sum game here. However, in the Ripple and XRP compliant by SEC were attacking the token itself.
Eleanor Terrett, a Fox business journalist also highlighted the same point. She stated that the SEC chair is calling the EMAX token a ‘Crypto asset security’. While she appreciated Andrew Ross Sorkin for asking for a straight answer from the SEC chair over crypto.
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However, Gensler held his ground by sticking to his narrative of calling most crypto tokens a securities. While he refused to comment on specific lawsuits and cases.
What is Kardashian’s case?
Meanwhile, the SEC added charges against Kim Kardashian for touting on social media a crypto asset security. It was offered and sold by EthereumMax. However, it did not disclose the payment Kim received for the promotion.
It is being reported that she failed to disclose that she was paid $250K to promote the EMAX tokens. The SEC chair mentioned that they encourage investors to consider an investment’s potential risk and chances in the light of their own financial goals.
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