While most of the cryptocurrency community is happy about the news from William Hinman, proponents like John McAfee isn’t too excited about what Jay Clayton, the chairman of the SEC, had to say about cryptocurrencies.
After the news circulated, McAfee took to Twitter to express his opinion about it. In his words:
“This cannot stand!”
John McAfee, who is popularly known as an anti-virus magnate has also proven himself a strong proponent of cryptocurrencies over the years. McAfee is a man who is driven by libertarian politics and has shown that he is particularly interested in cryptocurrencies because they work outside the grasp of the government.
He spends most of his media time posting about cryptocurrencies and other anti-government sentiments.
The War Against the SEC
McAfee challenged the SEC and Jay Clayton to a debate stating that if they were not ready for the debate, they should back off. Well, yesterday, Jay Clayton said that cryptocurrencies are securities on a public forum for the SEC. In his words:
“Most of the things I’ve seen in initial coin offerings and in the token space are undoubtedly security offerings. I do not know how much more clarity I can add to that.”
Angered by the comment, John McAfee said:
“I’ll fight with my last breath to make sure this overreach by the SEC doesn’t stand!!”
Irrespective of this brave response, he has agreed to submit to the law for the time being. The war between McAfee and the SEC has been ongoing for now and Jay Clayton’s comment on cryptocurrencies has caused some confusion in the space.
You’ll recall that William Hinman said Ether and Bitcoin are not securities even if other cryptocurrencies might be but Clayton did not give any distinction. So, is he making comments that are contrary to the comments of the chairman of the SEC or did Clayton simply forget to mention that Bitcoin and Ether will not be called securities?