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0.07%Kim Kardashian Looks Set to Win Investor Lawsuit Over EthereumMax: Report
A judge tentatively dismissed the case on Monday.
In this article
Reality TV star Kim Kardashian looks set to win an investor lawsuit against her and other celebrities over their endorsement of cryptocurrency ethereummax
after a judge tentatively dismissed the case on Monday, according to a Bloomberg report.Along with retired boxer Floyd Mayweather Jr. and National Basketball Association Hall of Famer Paul Pierce, Kardashian was accused in a January complaint of hyping EMAX tokens, leading to investors paying higher prices for them.
STORY CONTINUES BELOW
Kardashian paid $1.26 million to the U.S Securities and Exchange Commission last month to settle charges relating to her promotion of EMAX. She had failed to disclose that she received $250,000 for promoting the token on social media.
On Monday, U.S. District Judge Michael Fitzgerald in Los Angeles said that the investors' lawyers were "trying to act like" the SEC but “haven’t chosen to view the tokens as a security” because they didn't invoke a standard securities fraud claim.
Fitzgerald said Kardashian and her fellow defendants didn't "care to label the tokens as a security for obvious reasons."
He added that he will issue a final written order in due course.
Read more: Kim Kardashian's EthereumMax Promotion Was a 'Gift' to the SEC
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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