Greg Baker Quoted in Crowdfund Insider Concerning the SEC’s Recent Enforcement Action Against Kim Kardashian
Partner Greg Baker was quoted in an article from Crowdfund Insider relating to the recent SEC enforcement action against celebrity/influencer Kim Kardashian. The following is an excerpt from the article:
“Yesterday, as was widely reported, well-known celebrity and influencer Kim Kardashian settled an enforcement action brought by the Securities and Exchange Commission (SEC). The infraction had to do with an Instagram post for EthereumMAX, the issuer of the EMAX token. The post, which was tagged as an ad, was cited for its lack of disclosure as to how much Kardashian was paid to share the information on social media. And as the SEC believes all digital assets are securities, the Commission decided Kardashian has transgressed existing law . . .
Gregory Baker, . . . former Senior Counsel at the SEC’s Enforcement Division, and now a partner in Patterson Belknap Webb & Tyler’s litigation department and chair of the firm’s securities litigation group, stated:
‘This action is just the latest salvo in the effort by the SEC to regulate crypto assets as securities. Chair Gensler, and the SEC in particular, have made no secret of their view that the vast majority of crypto tokens being issued are securities. The action against Kardashian is likely the tip of the iceberg, given the number of celebrity endorsements of crypto tokens we have seen over the past few years. If they are not disclosing their receipt of compensation, they will likely fall within the cross hairs of the SEC. Kardashian is one of the largest influencers in the planet, so this action will certainly get a lot of attention from both people familiar with SEC issues, and the general public more broadly.’”
To read the full article, click here.