The influential businessman John McAfee announced today that he would no longer promote Initial Currency Offers (ICOs) due to “threats” from the US Securities and Exchange Commission (SEC), and said he is working on an alternative model for this type of financing round that would be protected against restrictive regulations.
The announcement was made in response to a previous comment requesting investment advice, which in turn was a response to the reasons McAfee initially offered for blocking more than 800 people in the last 72 hours on his Twitter account, saying that “bad treatment will not be tolerated on my account and there will be no warnings. If someone wants to be blocked instantly, please be rude.”
The SEC has imposed strong regulations against ICOs and has consistently warned for years about the various types of cryptocurrency scams. They went so far that they even created fake ICO to show how fraudulent schemes of this kind affect investors.
John McAfee gave up promoting ICOs, while the US Securities and Exchange Commission (SEC) raised controversial opinions with its last statements
John McAfee has been an influential thinker on investment in Bitcoin (BTC) and various altcoins that have been promoted in the midst of its fundraising campaigns. Also, some of McAfee’s comments may have led to price changes in certain blockchain assets.
Meanwhile, the US Securities and Exchange Commission (SEC) has also set the standard for the cryptocurrencies market, because the regulations imposed have served as a filter for projects that do not meet operational, financial, and security standards. In this way, the markets have responded to these strategies, since the sustainability of those projects that seek to develop and enter the global cryptomarket has depended on them.
Some of the analyses of the recent SEC decision not to consider Ethereum (ETH) as security argue that investor protection is not a determinant in prohibiting the marketing of an asset. Others argue that laws to regulate ICOs should be retroactive.
Meanwhile, the cryptocurrencies market has recovered in recent days, as it seems that Bitcoin (BTC) is the network that is leading the growth of the entire market, while it has been proven that the altcoins are behind it regarding price behavior.