Love him or hate him, John McAfee is one of the most influential personalities in the crypto space. The cybersecurity tycoon is known to be an active polemist on Twitter with posts about cryptocurrencies and blockchain projects. After revealing to Verge that he charges about $100,000 for each ICO promotional tweet, McAfee has now said that he will no longer be able to work with ICO companies or recommend any token sales as a result of threats received from the SEC (Securities and Exchange Commission).
McAfee, who boasts of over 800,000 followers on Twitter alone, also mentioned that he is “writing an article on an equivalent alternative to ICOs which the SEC cannot touch”.
According to reports from Verge, the money he receives from charging ICO clients for promotional tweets is usually divided between his 800,000 followers.
Increased Oversight by the SEC
In light of McAfee’s move to cease promoting ICO content on social media as a result of threats by the SEC, the ongoing debate on whether cryptocurrencies should be categorized as securities have been top of the minds of many crypto enthusiasts. In fact, the SEC has been steadily increasing its oversight on most crypto-related activities, with plans to introduce securities laws that may apply to a number of altcoins. This plan was set up last year.
Just recently, the Ethereum community was able to celebrate after the regulatory body claimed that Ether was not a security, as recognized by the SEC. According to a statement from William Hinman, a director of corporate finance at the Sec, the agency simply does not “see a lot of value in treating ether ETH today as a security”.
In response to the increased oversight by the SEC and the rise of criticism, McAfee once again took to Twitter with a post that read,
All ICOs are Securities!. I will not now, nor will I ever, accept this as a reality. I am submitting, now, to this law, but I will fight with every last breath to ensure that this absurd overreach by the SEC will not stand!! It will not stand!
He also mentioned that even though he has announced plans to stop promoting and talking about ICOs on his Twitter page at the moment, it does not mean he is going to walk away completely.
Do you think there is a need for more oversight from the SEC at the moment? Share your thoughts and opinions in the comments section below.