Cybersecurity giant-turned-cryptocurrency promoter, John McAfee, on Tuesday stated that he is going to end his work on initial coin offerings (ICOs).
McAfee reported “SEC threats”, on Twitter, when unveiling that he would certainly cease working on token sales or endorse them to his 800,000-plus followers.
With McAfee disclosing in April that his ICO team had been getting in excess of $100,000 for a single advertising tweet, based on a report from The Verge, it symbolizes the end of what was apparently a notable line of business.
McAfee’s declaration comes after a period of continual criticism towards the Securities and Exchange Commission (SEC), the U.S. securities market regulator that has continuously elevated its oversight – and task – in the crypto space since it mentioned last summer that American securities regulations may possibly apply to a number of token sales.
It also follows the declaration of a senior SEC official that ether, which is the digital currency of the ethereum network, is not a security, though it actually came as a relief to participants of the crypto community.
McAfee, for example, stated last week via Twitter that he was not going to acknowledge the SEC’s view that several token sales qualify as securities offerings.
Earlier this month he, as a matter of fact, challenged SEC chairman Jay Clayton to an open debate, posting a number which he said belongs to the SEC chairman and motivating his followers to contact him.
About his plans to end his endorsement of ICOs, McAfee pointed out that he is not completely dropping the towel. He wrote that he was creating “a comparable option to ICOs” which he said, “the SEC cannot touch.”
“Please have Patience,” he concluded.
The SEC refused to provide more comments when reached.