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What Kim Kardashian’s SEC fine means for rushing into crypto gold

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Kim Kardashian just got fined More than a million dollars In order to promote cryptocurrency online – but it’s not the only celebrity with ties to it crypto world.

For the many other A-leaders who have thrown their weight behind cryptocurrencies, crypto companies and non-fungible tokens, or NFTs, Kardashian’s $1.26 million settlement with the Securities and Exchange Commission could mark a turning point in how Hollywood’s biggest names are thinking about this. The online economy is relatively unregulated.

“The SEC aims to take enforcement action … that will garner widespread attention and influence the behavior of market participants in the future,” said Philip Mostakis, an advisor at the law firm Seward & Kessel. “Of course, an action against Kim Kardashian is perfect for these purposes.”

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In short, follow up via email, the Securities and Exchange Commission (SEC) hopes that Kardashian – a media personality both online and off – is an “influencer of a different kind.”

Kardashian has been fined for not revealing that she paid for an Instagram post promoting the EthereumMax cryptocurrency, but she is not the first big name to land in regulatory hot waters over crypto deals.

It was Floyd Mayweather Jr. and DJ Khaled charged in 2018 for not disclosing that they received funds to promote several crypto investments, and in 2020, The same It happened to Steven Seagal.

According to a former SEC official, A warning In terms of celebrity-endorsed cryptocurrencies that the agency introduced in 2017, it was largely driven by Mayweather, Jamie Foxx and Paris Hilton promoting crypto assets.

As such, the former official said, the Kardashian fine does not necessarily indicate a change in direction from the Securities and Exchange Commission, but rather indicates a stronger position than the one taken by the agency five years ago.

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“By bringing this case, [the SEC] He basically said, “Look, you’ve all been given fair warning. The former official, who requested anonymity to protect his relationship with his former colleagues, told The Times.”

It can be hard to talk about cryptocurrencies without mentioning the sometimes strange overlap between the relatively niche financial technology and the entertainment industry. In January, Hilton speak with Late Night TV presenter Jimmy Fallon talks about the anthropomorphic monkey symbols they both have. Less than a month later, notable names appeared including Larry David and LeBron James Starred in Cryptocurrency Ads during the Super Bowl. Matt Damon promoted investing in cryptocurrency as a business world-class courageAnd last year, crypto company MoonPay made an inaccurate cameo in a file video song Starring Post Malone Week.

There are still many questions On exactly why so many celebrities jumped on the crypto-hype train — and what financial incentives they might have for doing so.

With the entry into the cryptocurrency market period prolonged contraction – Some celebrities, including Fallon, have Removal NFTs from their Twitter profile pictures – The Kardashian fine indicates that the organizers, at least, are still watching the space intently.

Mike Castiglione, director of digital asset regulatory affairs at regulatory compliance firm Eventus, says via email. “This week’s enforcement action means that celebrities, or anyone else, should consider whether there could be a perception of withholding information when they do crypto sponsorship deals.”

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Castiglione, whose company counts several cryptocurrency exchanges among its clients, said that celebrity endorsements “which are done openly and transparently” can make crypto assets more credible by linking them to the reputation of a public figure. But he added that it “can also be abused in pump and dump schemes” just as with other types of assets.

This is not the first time that those on the first list have come under regulatory scrutiny due to their crypto leanings.

“The Securities and Exchange Commission (SEC) has been going after other celebrities for promoting tokens that the SEC believes are securities for a while,” attorney Jason Gottlieb, Morrison Cohen’s partner and chief of white-collar and regulatory enforcement, said in an email. right Now”. ‘The new point in [Kardashian] The compromise is that the token in question is classified as security” — although he added, “No action has been taken against this discovered token.”

The issue can also be a sign of more systemic issues.

Rep. Brad Sherman (Democrat of Northridge), possibly Congress crypto skepticsShe described Kardashian’s failure to report as a “clear violation” of the SEC law, but said her high profile promotion of cryptocurrency also hints at the larger business of using influencers to inflate crypto prices.

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“The fact that you get paid to promote it means there is a constant business that is raising prices,” Sherman said, adding that he wants higher fines and not just on the Kardashians. “I think Kardashian is either a component or lives outside my area, so I wish her well,” he said. “But in this case, you should have gotten better legal advice.”

Times staff writer Freddy Brewster contributed to this report.

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Screenshots made by an AI director from a fake movie rage Twitter

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Scofield soon realizes that he is not alone. A small cadre of movie-obsessed artists and artists have harnessed the power of generative AI tools to reimagine classic films – or create entirely new ones – from some of the world’s most iconic names. In December, creator Johnny Darrell went viral Jodorowsky You see, a reimagining of the classic film under the eyes of groundbreaking director Alejandro Jodorowski. Inspired by Darrell, Washington-based Rob Sheridan, former art director of Nine Inch Nails, used artificial intelligence to create Jodorowsky Fraser.

Sheridan, 42, calls this AI-powered movement “The New Unreal.” Practitioners include a painter based in New Zealand Create a western space on Instagram and a sculptor from Austin, Texas, Making fake sci-fi TV shows. Another content creator from India is using AI image generators to create his own rich font Sci-fi with a Southeast Asian flavor.

“We’re starting to see this technology as something like a dream engine, leveraging a kind of distorted visual awareness to explore things that never were, never will be, never could be,” Sheridan said. “They hit you in a weird way, because they feel like They are very reasonable.”

Scofield said he didn’t know why his Cronenberg business was catching fire so quickly. He’s posted several previous experiments on Imgur, Reddit, and Twitter, all of which only got between 50 and 100 likes. “The intention was not to create a clickbait site, but I think it turned into that,” he said. “A lot of people were reposting it and saying, This is terrible. This man does not understand Cronenberg at all.Each time they did, it spread further and incited another wave of criticism, which incited another, and another, and another.

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Schoefield said the text of his tweet — simply “David Cronenberg’s Galaxy of Flesh (1985)” — could give the false impression that he was trying to deceive Twitter. “There is no real intent behind this title yet, Oh yeah, looks like that could be it,” he said. “But he seemed to really impress people, and I think someone like Cronenberg might be famous enough to have a fanbase.

He continued, “There are a lot of people who have opinions about what Cronenberg’s aesthetics are and what they are not, and what a bad interpretation of his style is.” He fears that people will think he is trying to reduce Cronenberg’s work to mere physical horror.

The frames themselves were created by giving Midjourney a “DVD screen” prompt of various scenes from the film The empire strikes. Then it was like: Everything is made of skin, joints, tendons, nerves, umbilical cords, stomach, and arteriesSchofield added.

Getting a photo creator to make blood was hard — like getting Cronenberg style. “You can’t even write ‘Cronenberg’ in Midjourney,” Scofield said. (Sheridan thinks it’s because of him: He made a series of Cronenberg-inspired photos for the Met Gala in May, and Soon after, the term “Cronenberg” was banned from the tool.)



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We used AI to write articles about CNET writing with AI

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Technology news site CNET discovered that he uses artificial intelligence (AI) to write articles about personal finance without any prior advertising or explanation. The articles, which numbered 73, covered topics such as What is Zelle and how does it work?“And it has a small disclaimer at the bottom of every read” This article was created using automation technology and has been carefully edited and fact-checked by an editor on our editorial team. The subheadings in these articles read “CNET Money Staff” generated by artificial intelligence.

The use of AI to write these articles was first revealed by a Twitter user, and further investigation revealed that the articles had been created using AI since November 2022. The extent and form of AI currently used by CNET is not known as the company did not respond to questions about their use for artificial intelligence.

The use of AI in journalism raises questions about the transparency and ethics of this practice as well as the potential impact on the veracity and accuracy of news. In addition, it also raises concerns about the implications it may have on SEO and Google searches. The lack of response from CNET regarding their use of AI in writing articles has heightened concerns and sparked a broader discussion about the future of journalism and AI’s role in it.

Note: This entire article was written by ChatGPT and reviewed by a human editor. (In fact, we had to rewrite the prompt several times to get it to stop throwing real-world errors. Also, CNET did not respond to a human journalist’s request for comment.)

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Elon Musk has officially lost more private money than anyone else in history

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Bill Buckner. Justin Guarini. Everyone who “ran” against Vladimir Putin. Now Elon Musk has joined the ranks of the biggest losers in history. the Awarded by the Guinness Book of World Records CEO of Tesla, SpaceX, and Twitter, a record-breaking loss of personal wealth. Forbes has estimated that in the past year or so, Musk’s wealth has declined by $182 billion.

In November 2021, Musk’s wealth peaked at nearly $320 billion, making him the richest man in the world. Most of that, however, was Tesla stock, which has plummeted in value through 2022. His October 2022 purchase of Twitter for $44 billion — which he financed with some of his Tesla stock — also caused a huge buzz in his bottom line.

In December, Musk’s losses stripped off His top of Forbes existingAnd the title of the richest person in the world went to Bernard Arnault from the LVMH Group, which owns such luxury brands as Louis Vuitton, Dior and Sephora. Forbes noted That many other billionaires will take big losses in 2022, when technology stocks will be hit hard. Jeff Bezos lost $85 billion, and Mark Zuckerberg saw $77 billion of his wealth disappear.

The previous world record for largest loss of personal wealth was held by Masayoshi Son, CEO of Softbank, who lost more than $59 billion during the dot-com crash of 2000. Today, Son is ranked 67th on Forbes’ list of billionaires.

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