World
Crypto crackdown: Celebrities promoting crypto are in the SEC's crosshairs

Crypto crackdown: Celebrities promoting crypto are in the SEC's crosshairs

David Crowther

Kim’s crypto‍

‍Kim Kardashian is handing over $1.26m to settle a lawsuit surrounding a crypto advert she posted for EthereumMax on Instagram back in June 2021.

The social media star asked fans ‘ARE YOU GUYS INTO CRYPTO????’ before touting the EMAX asset to her 200m+ Instagram audience, never stopping to disclose the fact that she was paid some $250k to do so.

‍Heavily influenced

‍‍Kardashian wasn't the first celebrity to hype EMAX. NBA star Paul Pierce promoted the coin soon after its launch in mid-May as did boxer Floyd Mayweather ahead of his fight with influencer Logan Paul, in which the token was the crypto of choice for the pay-per-view event. All 3 have been involved in lawsuits to do with the coin, although Kim is the only one to have paid up to settle the matter so far.

Unsurprisingly, having A-list celebrities endorse something works. EMAX trading volumes spiked after each, with a staggering $837m worth changing hands in the first 6 weeks of the coin's existence. Since last summer, however, the coin has lost some 95% of its value, and recent trading is mostly negligible, suggesting some large losses for individual investors.

Celebrities endorsing crypto is nothing new, but this case seems to be something of a landmark in the space. The SEC has deemed Kim Kardashian's post to be a promotion of a specific investment security, EMAX, rather than a broader endorsement of crypto as an asset class or idea. Matt Damon can, of course, tell you that fortune favours the brave in this over-the-top advert for a crypto platform, but talking about specific securities is where the SEC draws the line (unless you disclose the particulars of the #ad).

More World

See all World
world
Tom Jones

The most watched soccer match in US history got less than a third of the views the Super Bowl did

Between a top-spot finish in the group stage, a sweeping performance against Bosnia and Herzegovina in the round of 32, and the president’s controversial intervention, Monday evening’s USMNT game against Belgium had, to put it lightly, shaped up into a box-office clash.

And though the US players’ performance on the pitch might not have lived up to the high drama off it, American soccer fans certainly showed up. According to early estimates, the 4-1 defeat against Belgium was the most watched soccer telecast in US history, hauling some 40 million viewers on average across the coverage on Fox and Telemundo.

That may be a record tally in the US for the sport that much of the world calls some variant of “football” — besting the 36.2 million who tuned in to watch the team’s previous knock-out match — but it’s still peanuts in comparison to the sport that shares the same name in the States.

World cup viewers chart
Sherwood News
Tom Jones
burning question
6/24/26
Over 50% of Americans say climate change is a serious threat; only 10% think their compatriots feel the same

That perception gap on the issue is among the highest in the world, per a new Gallup poll.

Youth Climate Strikes Break Out Across The U.S.
Reddit alien stock exchange

Reddit’s advertising business is getting bigger. It’s already booming.

The platform will plow more money into its ad offerings as it cements itself as a “trove of human intelligence.”

Tom Jones6/22/26
Tom Jones
plane pain
6/22/26
45% of Americans say they’re not taking a summer vacation this year, mostly due to costs

Flight comparison site Skyscanner is recommending some cheaper alternatives closer to home.

Bored annoyed man looking funny and angry during his summer staycations
Tom Jones
6/17/26
Despite slight declines, Japanese tourism figures are still hovering around record highs

Tourism: Still big in Japan.

Aerial view of Tokyo cityscape with Fuji mountain in Japan.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC