Another week, another SEC story on CoinSnacks.
Somehow, this one might be the most ridiculous yet.
On Monday, the SEC charged Kim Kardashian for failing to disclose that she was paid to promote a cryptocurrency. To her credit, Kim accepted responsibility and agreed to pay the $1.26 million fine.
Overall, a great day for SEC chairman Gary Gensler. He takes down another dirty crypto influencer, cuts a promo touting his greatness, and receives a lot of positive press.
But that’s not really the story.
The story is really how stupid this whole thing is.
Kim Kardashian, perhaps for the first time in her life, is a small fish in a big pond. For Gensler to revel in praise for catching her a year after her crime but not receive criticism for missing the whale-sized frauds of Terra and Celsius is a complete atrocity.
Is the point of the SEC to wrist-slap celebrities, or is it to protect investors? Unfortunately, we’re not sure anymore.
At some level, this is what we expect out of Gensler. He’s a wildly ambitious man who has hitched his career on being the crypto crusader. We would prefer if he focused more on stopping the staff bleeding that is preventing his agency from adequately doing their jobs, but ultimately, this is the path he’s chosen.
What really disappoints us is the excessive media coverage of the story. It’s just another example of the mainstream media’s agenda against crypto.
It’s ridiculous that we need to say this, but Kim Kardashian taking a payday to promote crypto does not mean that the entirety of crypto is a scam. Influencers take money to promote products all the time; it’s their job. Where is the media coverage on those products being scams?
Crypto is a technology that will give hundreds of millions of people a chance at financial freedom. That’s the truth, and that’s the narrative we need to push.