Category Archives: UMBLR Insights

Keeping Up with Crypto: The SEC Makes an Example of Kim Kardashian and Unlawful Celebrity Promotion of Crypto Security

Maryann Lennon – On October 3, 2022, the Securities and Exchange Commission (SEC) charged Kim Kardashian for promoting a cryptocurrency (Crypto) asset security on social media that was offered and sold by EthereumMax (EMAX) without disclosing the $250,000 payment she received in exchange for the promotion. EMAX, which launched in May 2021, is advertised as […]

Human Error: Greed, Risk, and the Collapse of FTX

Zachary J. Kosnitzky – In early November 2022, the crypto-currency exchange FTX filed for bankruptcy and its CEO, Sam Bankman-Fried, announced his resignation. The announcements marked yet another development in the popcorn-worthy corporate drama surrounding the collapse of one of the world’s largest and most stable crypto exchanges. In the weeks following FTX’s announcements, Bankman-Fried […]

Expect More Challenges to the SEC “Gag Rule” 

John Paul Brophy – Legal disputes often end with a settlement. When the Security and Exchange Commission (the “SEC”) settles a dispute, it requires the opposing party to include a “no deny” clause in the resulting settlement agreement. The purpose of the SEC’s “no deny” clause is to prevent the settling party from being able […]

NFTs: The Unexpected New Marketplace for Dupe Designer Handbags

Arielle Flamenbaum – In 2021, digital designer Mason Rothschild produced and marketed 100 Non-Fungible Tokens (NFTs) he called “MetaBirkins,” which depicted digitally created Hermès Birkin handbags that looked like they were made of fur. By January 2022, Rothschild’s NFT series generated about $1.2 million in sales. In response, Hermès sued Rothschild. The French luxury design […]