The Reason Why John McAfee Will No Longer Promote ICOs
The cryptocurrency promoter John McAfee has revealed today that he will no longer deal with ICO promotion because of threats received from the Securities and Exchange Commission (SEC).
McAfee shared with his followers on Twitter that he would stop promoting and recommending tokens, because of the “SEC threats“. As reported by The Verge in April, McAfee’s ICO business has cashed in over $ 100,000 per promotional post on Twitter.
The announcement made by McAfee on 19th June indicates the end of a successful business.
Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest. It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.
— John McAfee (@officialmcafee) June 19, 2018
The Securities and Exchange Commission (SEC) has received many criticisms from crypto investors in recent times, due to the pressure they are putting on this sector through strict regulations and periodic investigations.
The announcement also comes after an official SEC declared that Ether is considered a non-security. Last week, McAfee announced his followers on Twitter that he disagrees with the SEC’s view that qualifies tokens as “securities offerings“. The famous cryptocurrency promoter challenged Jay Clayton, chairman of the SEC in early June at a public dispute, posting on Twitter the chief’s contact number and encouraging his followers to appeal him.
John McAfee took into account the threats received from the Securities and Exchange Commission, but he will not give up entirely on promoting ICOs. He revealed that is working on “an equivalent alternative to ICOs” that according to him “SEC cannot touch“. He conclusion stating “Please have Patience“.