Kim Kardashian agreed to pay a $1.26 million fine to the Securities and Exchange Commission to settle civil charges after the reality TV star touted a crypto asset, EthereumMax, on Instagram.

1. What's the ground of SEC's ruling?

2. Why SEC requires that Kardashian not to promote any crypto securities for three years?

3. SEC's resources (human capital, litigation cost, etc) are limited, why did SEC pick Kardashian's case? What message does SEC want to deliver?

4. If damage was done (to investors being influenced), does this SEC ruling recover their loss? What's the role of SEC in similar crypto related investment cases, in terms of regulating the market, information disclosure and investor protections?