The cybersecurity behemoth John McAfee has announced that he intends to end his work relating to so-called ICOs (initial coin offerings). Moreover, McAfee has cited ”SEC threats” as the primary reason as to why he will end his involvement with token sales.
McAfee has previously been a major player in the ICO field, as he has been notoriously bullish on cryptocurrencies, and has recommended a wide variety of them to his around 800,000 Twitter followers.
Previously, McAfee has also charged $100,000 for every promotional ICO tweet he issued, according to an article by The Verge. Therefore, this change of heart is a noticeable departure from McAfee’s previous stance in relation to cryptocurrencies and ICOs.
Although the SEC has garnered a substantial amount of both criticism and complaints leading up to this, the Securities and Exchange Commission is still a necessary regulatory body to act in concordance when it comes to the matter of cryptocurrencies.
Nonetheless, SEC officials recently stated that some cryptocurrencies could not be regarded as securities, which was greeted by enthusiasm by the cryptocurrency community. What’s more, McAfee had previously stated that he would not accept the SEC’s then official stance that the majority of token sales should be classified as securities offerings.
McAfee had also challenged the chairman of the SEC, Jay Clayton, to a public debate in order to presumably discuss cryptocurrency issues. The announcement that McAfee is leaving the ICO field is therefore understandably making waves within the cryptocurrency community.
Nonetheless, McAfee has been clear in communicating his desire to remain within the cryptocurrency field in some capacity. He also stated on Twitter that he is planning an ”equivalent alternative to ICOs”, which he has also said that the SEC will be unable to 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
Although the Securities and Exchange Commission did not grace his statement with a reply, McAfee concluded his tweet by urging followers to ”please have patience”. McAfee’s recent tweet also included a mention that it was ”unjust but a reality” that he will no longer work with ICOs.
What’s more, McAfee also suggested that ”all” currently conducting ICOs can ”look forward to arrest”. Whilst this sounds unlikely, McAfee would seem to be an informed source in the subject. Nonetheless, an arrest of all of ”those doing ICOs” would be an unprecedented initiative and would likely send global ripples in the cryptocurrency community.
McAfee’s statements should therefore likely be taken with a grain of salt, and the cybersecurity icon seems to be set on still participating in the cryptocurrency industry in some capacity through his ”alternative to ICOs”. Although it is unclear what exactly this would be, it seems unlikely that this is the last we hear of John McAfee.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.