John McAfee will No Longer Promote ICOs, Because of ‘SEC Threats’

Chirayu Choubisa

June 20, 2018 12:34 pm

John McAfee will No Longer Promote ICOs, Because of 'SEC Threats' | Coindelite News
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Cyber-security Tycoon John McAfee won’t Promote ICOs Anymore, Cites ‘SEC Threats.’

The Cybersecurity tycoon-turned-digital currency backer, Mr. John McAfee, stated on Tuesday that he will end his work on Initial Coin Offering (ICOs).

In a tweet, John McAfee referred ‘SEC Threat’ when explaining that he would stop working on the token sale or suggest them to his 800,000-plus twitter followers.

As per a report from The Verge, it depicts the end of what was reportedly an important line of business, with John McAfee unveiling in April that his own ICO team was charging more than $100,000 for a single promotional tweet.

John McAfee’s announcement follows a period of sustained criticism against the Securities and Exchange Commission (SEC),  the U.S. securities market regulator that steadily improved its oversight and activity in the crypto space as it stated last summer that American securities laws might apply to some token sales.

It too comes just days after a senior SEC official stated that ether the digital currency of the ethereum network is not security, which mostly came as a relief to members of the crypto community.

A week ago, for instance, John McAfee declared via Twitter that he would not acknowledge the SEC’s view that many token sales qualify as securities offerings. In fact, prior this month John McAfee challenged SEC Chairman Mr. Jay Clayton to a public debate, posting what he asserted was the agency chief’s phone number and inciting his followers to make contact.

Plan to stop promoting ICOs aside, John McAfee showed that he isn’t walking away completely.

John McAfee wrote that he was drawing up “an equivalent alternative to ICOs” which he said, “the SEC cannot touch.”

He concluded, “Please have Patience.”

The SEC refused to comment when reached.

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