John McAfee, the crypto evangelist, announced via Twitter that due to threats from the US Security Exchange Commission (SEC), he will no longer work with ICOs or advise them or recommend them to his followers. The stand the SEC has taken against ICOs seems to already be having a negative impact for Initial Coin Offerings, especially after Jay Clayton, SEC Chairman, classified almost all of them as Securities recently.
McAfee warned people who are currently working with ICOs or recommending them that they could be risking arrest if they continue. He commented on a future article he would be sharing with the community in regards to a new alternative to ICOs which, according to him, the SEC could not touch.
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 announcement follows a series of tweets where McAfee has been criticizing Clayton’s label on ICOs as securities. John is a strong defender of the crypto community and has promised to fight ‘with every last breath’ the SEC stand on cryptocurrencies and ICOs, even challenging Clayton to a public debate over ICO status. Unfortunately, this is not the first time the SEC has issued warnings to celebrities endorsing ICO projects, claiming that such endorsements might be unlawful.
The prediction of prices and ICO endorsement projects are perhaps the major focal point of McAfee’s involvement in the crypto industry, with him admitting to cash in over $100,000 per tweet at one point, which is why there’s no doubt why the internet security expert is especially upset with the comments made by the SEC Chairman. Although, after announcing a new alternative for ICOs, perhaps McAfee has something else in the store to continue with his promotional business.
SEC regulators have been increasing restrictions and warnings around the cryptocurrency market in recent months. Another of the latest statements was that which said Ethereum (ETH) did not fall within the denomination of security because it was decentralized, which shows benefits to the launch of futures of this cryptocurrency.
If you want to know McAfee’s prediction about the future price of Bitcoin, you can do so here.