Crypto hater Nouriel Roubini proposes to prosecute celebrities who praise crypto

Prominent economist Nouriel Roubini, known as Dr. Doom for his accurate forecast of the 2008 mortgage crisis, has taken to Twitter to comment on the recent “crypto case” initiated by the SEC.

Here’s why Roubini wants them prosecuted

Earlier today, the regulator’s chairman, Gary Gensler, announced that the regulator had charged TV celebrity Kim Kardashian a digital token for her Instagram audience of 225 million followers last year (she now has 331 million subscribers) and, more importantly for the SEC , not to disclose the amount she was paid to claim it: $250,000. The crypto in question is the EthereumMax token.

The regulator and Kardashian agreed to settle the case for a fine of $1.26 million. Roubini seems to be disappointed with this result. On his Twitter page, he wrote that Kardashian is just one of hundreds of celebrities who have “earned handsomely” touting “criminal coins and crypto scams” to inexperienced investors via social media.

Since fines like the one Kardashian got are just “a slap on the wrist,” Dr. Doom suggested that these celebrities should be prosecuted.

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100’s of celebrities made good money dealing in criminal shitcoins and crypto scams. The current fines are just a slap in the face. They should be prosecuted.

Kim Kardashian pays $1.26 million to settle charges with SEC over crypto campaign

— Nouriel Roubini (@Nouriel) 3 October 2022

Gensler on the Kardashian case

Aside from the fine, Kardashian is obligated not to promote digital assets for the next three years. SEC Chief Gary Gensler addressed investors in a video earlier today after the regulator published a press release on the matter.

He stated that the talents of celebrities do not necessarily make them experts in giving investment advice. Also, during his exclusive interview with CNBC’s Squawk Box show on finance and investing, Gensler emphasized that the majority of cryptocurrencies are securities from his point of view.

Among the celebrities the SEC has charged in recent years, Gensler named Steven Seagal, Floyd Mayweather and DJ KHALED.

“We raised a case a number of years ago @FloydMayweather, @djkhaled, Steve Segal and others over the years. So this is another time we’ve filed a case,” says SEC chief @GaryGensler after charging @KimKardashian for one #crypto post on her Instagram. pic.twitter.com/WXBuQYscQy

— Squawk Box (@SquawkCNBC) 3 October 2022