But with somebody like Kim Kardashian, it’s kind of a warning to other influencers that they need to be careful about what they’re promoting. And crypto has been one of those dicey subjects, with people promoting crypto that they wouldn’t use themselves. BU Today: Do you think that the SEC is making an example of Kardashian?Ĭaffrey: Yes. We know that Kim K is probably not using this crypto that she’s getting paid to promote. And they can potentially lose a lot of money. Followers don’t know much about crypto, so they risk putting their money into something that they haven’t done much research on. When you’re investing in a certain type of, like Elon Musk promotes Dogecoin, that’s a big statement to make to your followers or the people who love your content. īut I know the crypto laws are different. I’ve done sponsored posts, and there are sponsorships where you don’t have to overtly say, ‘This is a paid promotion,’ or something like that, you can flip it into a video and then tag. BU Today: Can you explain why “#Ad” isn’t enough? What should she have done?Ĭaffrey: So I think the rules differ depending on who you’re partnering with. I know she did put #Ad in, but that’s pretty much it. She was paid $250,000 to do it, and because it’s Kim K, wasn’t shocked that she didn’t outright state that it was a sponsored post. And brands that are paying that much money don’t expect a celebrity like Kim K to overpromote them. Q &A with Sophia Caffrey (COM’25) BU Today: What was your reaction to this Kim Kardashian news?Ĭaffrey: I’m not shocked that a big influencer would be paid a lot of money to promote crypto. “With the internet and social media, there is a seemingly infinite supply of content to regulate and almost no transparency, which makes it exceedingly difficult for the agencies charged with enforcing the rules to know when they’re being broken,” journalist Sara Morrison writes in a recent Vox investigation of some influencers’ shady social media practices.
“Sponcon,” or secretly sponsored content, is a sneaky way for celebrities to make it appear that they casually use a product. Kardashian is not the only celebrity guilty of playing fast and loose with the government’s rules about social media. As part of the SEC settlement, she is now barred from promoting any crypto product for three years.
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While the reality TV billionaire included “#Ad” in her problematic June 2021 post (“Are you guys into crypto?” she asked her (then) 225 million followers), the SEC’s rules require the Keeping Up with the Kardashians star to also mention that she was being paid $250,000 to push the token. On Monday, Kim Kardashian settled with the Securities and Exchange Commission (SEC), agreeing to pay $1.26 million for failing to disclose that she was paid to promote a cryptocurrency sold by EthereumMax.
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