The United States Securities and Exchange Commission (SEC) crackdown on Initial Coin Offerings has finally gotten to one of the most prolific and enthusiastic promoters of the industry – John McAfee (a former software security pioneer), who has earned a reputation for outrageous behavior.
John McAfee Pitching Initial Coin Offerings
McAfee, who has not been affiliated with his namesake firm since 1994 and once lost a fortune worth about $100 million, was at a certain time pitching a new Initial Coin Offering on a daily basis. Since before the boom of 2017, he has been a regular on the digital currency event circuit and is part of what Bloomberg refers to as “an enormous network of social network influences” who have helped a lot of Initial Coin Offerings raise billions.
Why McAfee Said He Will Stop Pitching Initial Coin Offerings
In his characteristic voice, he said that the Securities and Exchange Commission had warned him seriously regarding recommending Initial Coin Offerings, and this will force him to step aside, despite declaring the treatment as “unjust.”
He said: “Due to the threats of the Securities and Exchange Commission, he will no longer work with Initial Coin Offerings, and he will not also recommend any, and those doing Initial Coin Offerings can all look forward to arrest.”
McAfee twitted this from his verified tweeter account with more than eight hundred and twenty thousand (820,000) followers. He also said: “it’s unjust but it’s reality.” He said he is currently working on an article on an equivalent alternative to Initial Coin Offerings which cannot be touched by the SEC, and he asks his followers to have patience.
Nevertheless, the US SEC recently clarified that two of the most valuable digital currencies – Ethereum ETH and Bitcoin (BTC) are no longer securities, and will no longer be considered and treated as one.
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