SEC Leader Confesses: We’ve Posted This Altcoin To The Market!

Gary Gensler, Leader of the US Securities and Exchange Committee (SEC), joined a podcast. In Jon Stewart’s podcast, Gensler talked about the SEC’s lawsuit against Kim Kardashian for altcoin EhtereumMax. He said that he aims to send a message through the markets by holding celebrities such as Kardashian accountable. Here are the details…

Kim Kardashian was penalized for this altcoin

Koindeks.com As we have also reported, Kim Kardashian was penalized for the EthereumMax token. She agreed to pay a $1.26 million fine to settle her charges regarding her efforts to promote this coin. Kim Kardashian was penalized for failing to disclose the fact that she was paid to post promotional posts about the cryptocurrency. Gensler reminded that other celebrities such as boxer Floyd Mayweather and DJ Khaled are also held personally responsible. Stewart, former host of “The Daily Show,” talked about the value of the SEC fines for the aforementioned celebrities. He asked if the agency was specifically going after big players.

“We do this with limited resources and a judicial system,” Gensler admitted. Gensler recalled that the SEC fined large companies, such as Barclays and other large banks, for violating the US Securities clauses. Gensler also pointed out that one of the largest financial institutions, Allianz, was fined a hefty $6 billion earlier this year. He also reminded that he holds Boeing responsible for misleading its customers about aircraft safety.

The SEC and its latest moves on the cryptocurrency space

Meanwhile, the SEC, according to the arguments, is not sitting idle. On Tuesday, Bloomberg reported that the SEC is conducting a special investigation into Yuga Labs, which is behind the Bored Ape Yacht Club. According to Bloomberg, the SEC is exploring how to categorize the role of NFTs and cryptocurrencies in the financial space. That means determining how to organize them. According to Bloomberg, the agency is investigating whether the company should follow the “notification” procedure in securities. It is also examining the distribution of the ecosystem’s altcoin, ApeCoin.

Also, the SEC has been in legal dealings with Ripple for nearly two years. The agency sued blockchain company Ripple in December 2020. The relevance of the lawsuit is that Ripple is selling XRP as an unregistered security. Although the lawsuit in question has been tiring the Ripple community for almost two years, it is thought that the effort will end soon. As it is known, both parties applied for a summary decision. Even after this news, many investors shared their hopes for the rise of XRP. Indeed, cryptocurrencies gained momentum before being affected by the general market.

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