 We've seen a plethora of celebrities and online influencer shill for crypto companies and Finally one of them is being held accountable. Are they only being held minimally accountable? Yes, will this dissuade them from doing this in the future? Not necessarily, but this still is pleasantly surprising to see who am I talking about? Well, of course reality television show star Kim Kardashian as CNN explains Kim Kardashian agreed to pay a $1.26 million fine to the Securities and Exchange Commission to settle civil charges After the reality TV star touted a crypto asset, Ethereum Max on Instagram The SEC charged Kardashian with failure to disclose that she was paid $250,000 to publish her Instagram post in addition to paying the fine She agreed to cooperate with the SEC's ongoing investigation This case is a reminder that when celebrities or influencers endorse investment opportunities including crypto asset securities, it doesn't mean that those investment products are right for all investors said SEC chair Gary Gensler quote we encourage investors to consider an investment's potential risks and Opportunities in light of their own financial goals Kardashian also agreed to not promote any crypto securities for three years Miss Kardashian is pleased to have resolved this matter with the SEC set a statement from her attorneys And I'm sure that she is now in addition to the $1.26 million fine She also has to forego the $250,000 that she made from Ethereum Max. So is this embarrassing? Yes Is it costly? Absolutely But is this a sufficient punishment to dissuade her and other celebrities and Influencers from doing the same thing and the answer is an unequivocal no because as John Iterola points out This is only 0.07% of her net worth in other words If this is lucrative for her She's going to continue to do that and just pay the fines because if you're making a more money shilling for crypto Then you have to pay out in fines Then it's just the simple cost-benefit analysis and it's good to see someone finally be held accountable because we've been seeing Influencers do terrible things. I mean Logan Paul for example participated in various pump and dumps Where he'll hype up a new cryptocurrency and then sell it once his audience buys in it's incredibly disgusting And it's them exploiting their loyal audiences and it has to stop But it's not stopping and even when people like Kim Kardashian know that they need to disclose when they're participating in an ad campaign They still don't do it. Why? Because it's a lucrative. This isn't the first time that Kim Kardashian by the way has been busted for not disclosing that her posts are ads And I just I don't understand that because you already make so much money I get that shilling for crypto is lucrative, but you make so much money through other avenues Do you really want to rip off your audience to make a couple of extra bucks comparatively speaking? I mean for me, I don't do ads on this show I haven't done an ad since like 2017 and that was for a small coffee company based out of Seattle But I am really hesitant about accepting ads even if I don't necessarily think that ads are inherently wrong But I don't want to bug my viewers With more ads when they're already going to see the pre-roll ads from YouTube I just think that it's unnecessary and if I don't need to do it to survive I'm not gonna do it unless I'm very desperate for these celebrities. They're shameless They don't care They already have millions if not billions of dollars and they're still trying to get every penny that they can From their supporters through these influencers from their supporters who trust them And I don't know how people like Kim Kardashian are able to sleep at night Knowing that they're fucking over people who believe in them who rely on them who actually believe what they're saying But yet they use their clout to pump up these crypto scams and it's just genuinely Disgusting and the level of shilling that we've seen for cryptocurrency and NFTs by the likes of you know What's his name Matt Damon Paris Hilton Jimmy Fallon? These are all so wealthy people like all of them. They're so rich and they won't stop now I've got a point to the video put out by Gary Gensler. This is the chair of the SEC now They cited a couple of quotes from him in the article that we just read But the video that he put out It's so elementary that it could be a Sesame Street segment explaining to children Why you shouldn't take the financial advice of these influencers? But yet it's so bad and so like obvious and common sense that I have to show this to you just so you know What we have to deal with in the United States Celebrities and influencers often are endorsing a variety of products and services across television ads social media or print When everything from clothing diet plans to perfumes it catches our attention We always wondered did they use the product? Do they like the product? How much were they paid to endorse it in any case? What does this have to do with the Securities and Exchange Commission? Sometimes celebrities endorse investment opportunities like crypto tokens or special-purpose acquisition companies Celebrity endorsements though don't mean that an investment product is right for you or even frankly that it's legitimate Even if a celebrity endorsement is genuine Each investment has its own risk and opportunities and may not fit your investment needs Furthermore a celebrity or influencers incentives aren't necessarily aligned with yours We might enjoy watching a celebrity playing on a basketball court Starring in a reality TV show or a movie or performing to a large crowd at a stadium show We shouldn't confuse those skills though with the very different skills needed to offer appropriate investment advice So before investing Please do your research consider the investments potential risk and benefits in light of your own financial calls search companies finances Organization and business prospects through the Securities and Exchange Commission's database called Edgar and When it comes to crypto Remember many of these are highly speculative assets You may be wondering if it's right for you or even if it might be a scam If you have questions about investing check out our resources at investor.gov Yeah, so you have to do this thanks to sim culture Because of sims while they refuse to believe that the people that they've deified on social media Whatever do anything wrong whatever mislead them or lie to them Therefore, you know, you have to put out basic statements like this that maybe there's some ulterior motives. Maybe their Agenda doesn't necessarily align with your agenda Your agenda is to make money on this particular investment Their agenda is to just pump it and get that sponsors sponsorship money The fact that you have to release videos like this it shows you How compelled people are to follow the advice the financial advice of celebrities and that's so dangerous But yet even if it seems common sense to people like you most people They don't think about it. They just think okay. Well, Kim Kardashian. I guess I trust her So she would never mislead me when actually she is getting money to mislead you and the thing is that What makes this especially nefarious is that with that particular Instagram post Kim Kardashian wasn't saying that this was an ad So there's this implication that she's promoting this on her own volition because it's that good of a cryptocurrency That you should buy into when she was getting paid to do that and to not disclose that makes it particularly gross So either way, I'm happy that she's being held accountable Even if it's just a slap on the wrist, but it's not a big enough punishment to dissuade celebrities and influencers from Doing things like this and as a result, it's going to continue unless you hit them with harsh and strict penalties I do think that stopping her from Advertising or promoting crypto securities for three years is big But at the end of the day The financial penalty is really going to be What stops them from doing this and unless you take lots of money from them for promoting these scams They're just not gonna stop. I think that's obvious