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SEC Charges Socialite Kim Kardashian for Unlawfully Touting Ethereummax

SEC Charges Socialite Kim Kardashian for Unlawfully Touting EthereummaxOn Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against the celebrity and socialite Kim Kardashian for unlawfully promoting the crypto asset Ethereummax. The U.S. regulator detailed that Kardashian agreed to settle the charges and pay $1.26 million in penalties, and plans to cooperate with the SEC’s ongoing investigation. Kardashian Charged by SEC, […]

SEC Charges Socialite Kim Kardashian for Unlawfully Touting Ethereummax

On Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against the celebrity and socialite Kim Kardashian for unlawfully promoting the crypto asset Ethereummax. The U.S. regulator detailed that Kardashian agreed to settle the charges and pay $1.26 million in penalties, and plans to cooperate with the SEC’s ongoing investigation.

Kardashian Charged by SEC, Celebrity Agrees to Pay $1.26M in Penalties and Will Not Tout Any Crypto Assets for 3 Years

In mid-June 2021, Bitcoin.com News reported on the reality television series star Kim Kardashian and how she was shilling a token called ethereummax (EMAX). At the time, she shared an Instagram post that was marked as an “#AD,” and Kardashian said she was “sharing what my friends just told me about the Ethereum Max token.” Kardashian wasn’t the only celebrity that shilled EMAX, as the token was also promoted by the professional boxer Floyd Mayweather and former Boston Celtics forward Paul Pierce.

The SEC announcement on October 3 says Kardashian failed to disclose that she was paid $250,000 to publish the Instagram post to her 228 million followers that day. “Kardashian’s post contained a link to the Ethereummax website, which provided instructions for potential investors to purchase EMAX tokens,” the U.S. regulator detailed on Monday. SEC chair Gary Gensler put out a statement concerning Kardashian’s charges and he appeared in an animated video about the affair.

“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,” Gensler remarked during the SEC announcement. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.” Gensler added:

Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.

Essentially, the SEC order notes that the reality TV star and socialite violated anti-touting laws. Without any admission or denial, Kardashian agreed to settle with the SEC for $1.26 million which includes roughly $260,000 in disgorgement penalties. Furthermore, Kardashian has promised not to shill any crypto asset-related securities for three years. Kardashian has had a rough month, as she’s been dealing with the controversy surrounding the sex tape that was released featuring herself and the popular singer and actor, Ray J.

What do you think about the charges against Kardashian for shilling ethereummax? Let us know what you think about this subject in the comments section.

Source: Regulation Archives – Bitcoin News

Altcoins

Cardano Price Prediction – How High can ADA Price reach by 2025?

How far can Cardano rise by 2025? Let’s take a look at Cardano price prediction in this article.

In recent years, Cardano has been one of the most popular and successful cryptocurrencies on the market. The Cardano network is characterized by its technical prowess and long-term innovation. Many investors think that Cardano will soon replace Ethereum. How far can Cardano rise by 2025? Let’s take a look at Cardano price prediction in this article.

What is Cardano?

Cardano is a blockchain network that offers a better rebalancing of security, decentralization, and expandability. Cardano utilizes the extremely effective Proof-of-Stake consensus protocol. The Cardano network token is recognized as ADA.

The cryptocurrency was created in 2017 and has rapidly grown in popularity among investors. As a result, the ADA token managed to climb into the top ten cryptocurrencies in terms of market cap. Cardano benefits so much from the fact that the blockchain is being evolved in full compliance with scientific methods. As a result, the Cardano blockchain is continuously the most technically sophisticated blockchain.

How has the Cardano price recently performed?

Cardano Price Prediction: ADA/USD Weekly chart showing the price –

Within the bull market, Cardano’s ADA token reached an all-time high in 2021. The ADA price went up to more than three dollars in September 2021. As a result, the price was compelled to accept losses once more. These damages were observed between September and November 2021, before the start of the significant bear market.

Cardano’s losses proceeded after the bear market started in November. The ADA price was only $1.37 at the beginning of the year. The price continued to drop in the subsequent months. Cardano only managed to recover from a low of $0.43 in early July 2022. We have seen a decrease in the ADA price in recent weeks. The ADA price is currently $0.3141 at the time of writing.

Are Cardano’s massive losses significant?

Cardano’s failures have been exorbitant in recent months. As of September 2021, the ADA token has dropped in value. Earlier, the price had shot through the roof because smart contracts were being established on the Cardano blockchain at the time. As a result, the ADA price was able to undergo a significant rise to three dollars.

On the one hand, the losses up to November were the result of a rebound effect following massive gains earlier. On the other hand, there was a significant amount of excitement surrounding modern blockchains like Solana and Avalanche. These were the main rivals to Cardano and were differentiated by incredibly fast transaction speeds. As a result, these projects soared while Cardano slipped.

Then, beginning in November, the bear market had the greatest impact on Cardano’s losses. The network actually witnessed significant expansion at the time, with Cardano addresses reaching new levels. We continue to see very positive trends at Cardano, even though the price does not recognize this.

What is Cardano’s next big development?

— Cardano Community (@Cardano)

The Cardano ecosystem is constantly expanding. However, one component is currently missing: its own stablecoin. As a result, the DJED algorithmic stablecoin is now slated to launch in January 2023. This could boost the appeal of Cardano for possible future decentralized applications.

In January 2022, Cardano founder Charles Hoskinson had already scheduled to open the DJED. Even so, the timeframe of 2022 is just missed, so the stablecoin will not be able to operate until the new year of 2023. Even so, delays are prevalent with Cardano, and investors have gotten accustomed to longer wait times. Rather than speed, Cardano relies largely on wanting to avoid quantifiable mistakes.

Who is responsible for the DJED stablecoin?

The Cardano stablecoin is supported by the companies COTI and Input Output. They also started the Cardano project. DJED is an algorithmic stablecoin. This implies that deposits in the form of other cryptocurrencies can be utilized to secure the price.

Tether (USDT), USD Coins (USDC), and Binance USD (BUSD) are conventional stablecoins that ensure a 1:1 correlation to the US dollar by being supported by central liquid assets. Algorithmic stablecoins, on the other hand, can be organized and decentralized.

What are the DJED’s reservations?

Since the implosion of Terra, the idea of algorithmic stablecoins has been heavily criticized (LUNA). Terra’s downfall started when the LUNA token could no longer keep the significance of the in-house stablecoin TerraUSD stable at the US dollar level. As a result, many investors are extremely skeptical of the notion. Due to the known reservations, Cardano aims to slowly introduce the DJED and continue building trust in the stablecoin.

Cardano Price Prediction: Can the stablecoin bring the ADA price up?

Cardano’s new stablecoin is an interesting development. Even so, it is hard to predict whether the ADA price will go up during the introduction period. Above all, for the ADA price to go up, the total market would have to start rising. Nevertheless, this is certainly plausible for next year. The ADA price is currently so low that an investment may be beneficial in the long and medium term.

Cardano Price Prediction: How high can Cardano reach by 2025?

We can also make a reasonably better estimation for the Cardano price until 2025. We need to see bigger and more powerful price increases for cryptocurrencies in general, and for Cardano in specific, during this period. Cardano’s price should soar due to its extraordinarily powerful technique and its upcoming next development step, Stablecoin.

Furthermore, the market could see a significant increase in 2024 and 2025. Because the next Bitcoin halving will occur in 2024, the ADA price could perhaps soar as well. As a result, the Cardano price prediction for 2025 is very upbeat.

2025 price range ADA: $1.35 – $17.50

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Source: Altcoin

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