John McAfee stops promoting ICOs because of SEC threats

John McAfee , one of the most influential personalities and a cybersecurity tycoon, is known for his controversy on Twitter regarding virtual currencies and the Blockchain. He recently announced, for him, the stopping of all advertising related to Initial Coin Offering (ICO), which has sparked a wave of reactions from users.

McAfee protests SEC threats

McAfee's Twitter accounthas more than 800,000 subscribers. After revealing that it charges around $ 100,000 for each social media post, McAfee said it could no longer collaborate with Initial Coin Offering (ICO) companies. He made this decision following the SEC's (Securities and Exchange Commission) threats .

"Because of potential SEC threats, I no longer work with ICOs and I do not recommend them, and those who plan to carry out their ICOs can stop everything, it's unfair, but it's a reality. I am currently writing an article on an alternative equivalent to ICO and where the SEC could not intervene. Hang on please. "

https://twitter.com/officialmcafee/status/1008957156819914752

Increased monitoring of the regulator

Although the regulator has been criticized many times, it remains a key regulator of the virtual currency industry in the US.

The SEC has gradually increased its oversight of cryptocurrency activities, supported by action plans to introduce securities laws that could apply to a number of altcoins.

McAfee quickly voiced its disagreement by pointing out that the majority of token sales should be classified as financial securities.

"The President of the SEC announced last week that ALL ICOs would be considered securities unless they are registered with the SEC (which costs a lot of time and money), the team of this ICO would commit an illegal act by raising funds, "said McAfee in an interview with the Bitsonline website.

The crypto-community guru also challenged Jay Clayton, the president of the SEC at a public event. He launched a debate on the problems inherent in cryptocurrencies. In addition, his announcement that he stops collaborating with companies carrying out an ICO is not a surprise.

"All ICOs are securities (securities). I do not accept that, I will never accept it. I submit myself now to this law, but I will fight with all my strength to ensure that this absurd bidding SEC will not resist! "

https://twitter.com/officialmcafee/status/1007251950717587456

Do you think that SEC monitoring is needed at this time? Is McAfee really flip-flopping or is it just changing strategy? Tell us in the comments section below.