John McAfee Won’t Promote ICOs Anymore Because Of ‘SEC Threats,’ Report Says

June 19, 2018 7:31 pm Published by

Posting on Twitter, Cybersecurity tycoon and crypto promoter John McAfee said he will end his initial coin offering (ICO) work shortly because of “SEC threats,” CoinDesk reported Tuesday.

In his Tweet, McAfee said not only would he stop working on token sales, but also his recommendations of them to his 800,000-plus followers on Twitter, the report said.

A Verge report said McAfee’s involvement included a $100,000 fee his ICO team charged for a single promotional tweet.

The decision, CoinDesk reports, comes after a period of sustained criticism piled against the Securities and Exchange Commission (SEC), the U.S. securities market regulator that has steadily increased its oversight – and activity – in the crypto space since it said last summer American securities laws may apply to some token sales.

McAfee’s decision comes just days after a senior SEC official said  ether – the cryptocurrency of the ethereum network – isn’t a security, which largely came as a relief to members of the crypto community, the report said.

Last week, for example, McAfee tweeted he would not accept the SEC’s view many token sales qualify as securities offerings, CoinDesk reported. Earlier this month, McAfee challenged SEC chairman Jay Clayton to a debate, posting what he claimed was the agency chief’s phone number and encouraging his followers to make contact, the report said.

McAfee indicated he isn’t walking away entirely from crypto, the report said.

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

“Please have Patience,” he concluded.

At the time of the announcement, the SEC did not respond to a request for comment, CoinDesk reported.

WN.com, Jack Durschlag

 



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