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Bitcoin fanatic and presidential hopeful John McAfee tweeted on Tuesday that he will not recommend initial coin offerings (ICOs) publicly and cited regulatory pressures from government agencies as a reason behind the move. He informed over 820,000 of his Twitter followers that he is writing an article about an alternative to ICOs that will not come under the purview of the Securities and Exchange Commission (SEC).

McAfee wrote:

“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.”

He didn’t make any further comments about his plans and did not specify which regulations are bothering him the most. It is to be noted that he is one of the most vocal supporters of digital currencies and has helped boost more interest in this space, which leads to hundreds of ICOs earning more dollars in funding globally. As a crypto industry influencer, his statements could have far-reaching consequences.

McAfee isn’t new to controversies. After earning a fortune by creating an antivirus software, he became a regular headline grabber on the Internet. He had some run-ins with the police in Belize and tried to run for president of the United States but failed to become a Libertarian Party candidate. He recently tried to renew his bid to the presidency, suggesting that he would seek candidature from the party again and will design his campaign to seek support from cryptocurrency enthusiasts like him.

Before this, McAfee told his followers that he charged $105,000 per tweet to promote an ICO and other digital-currency-related products. He declares on his site John McAfee Crypto Team that the cost per follower is only $0.13, which is quite small, considering how influential he has become over the years. The site claims:

“John McAfee’s tweets are by far the most influential in the field of cryptocurrency.”

Paid promotions of ICOs do not amuse some analysts. They claim that people promoting these coins are working as unregistered broker-dealers and are breaking the law.

SEC is gearing up for cryptocurrency regulations. The regulator recently declared that some digital coins qualify as securities in special circumstances. Bitcoin and Ethereum, the most prominent digital coins, will not be marked as securities by the regulator. William Hinman, head of the Division of Corporate Finance for SEC, said that coins distributed during ICOs would qualify as securities.

However, once a company’s underlying asset goes live, and it can work in a completely decentralized way, it will no longer be considered a security. He pointed out:

“Central to determining whether a security is being sold is how it is being sold and the reasonable expectations of purchasers.”

The post John McAfee Turns Back on ICOs Following Regulatory Pressures appeared first on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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