McAfee Stops Canvassing In Support Of Cryptos Due To SEC ‘Threat’ June 19, 2018 June 20, 2018 Tim Glocks
Legislation NewsJune 19, 2018 by Tim Glocks

McAfee Stops Canvassing In Support Of Cryptos Due To SEC ‘Threat’

John McAfee, who is well known for his anti-virus software, is a staunch supporter of cryptocurrencies. There is nothing wrong in that. However, he often uses his popularity to support some cryptotokens, which soon rallies by over 100%. In March, McAfee even acknowledged that he received $105,000 to promote an ICO.

Two days ago, while explaining the difference between a speculator and a visionary, McAfee tweeted in favor of a blockchain based healthcare service platform Docademic (MTC). The token rallied by about 129.83% in the past 7 trading days to hit a level of about 37 cents and a market cap of $103.64 million.

However, he would not have thought that such kind of marketing activities will be forced to stop soon. Today, McAfee tweeted that he would no longer come out in open support of any cryptotoken because of a ‘threat’ received from the US SEC. McAfee did not specifically explain what those ‘threats’ were. However, we can understand from his tweet that SEC has made contact with the cyber security expert and demanded an immediate end to the propaganda work on behalf of any cryptocurrencies or ICOs.

McAfee, who commands more than 828,000 followers, also mentioned that those who are running ICOs can look forward to get arrested soon. McAfee also plans to come up with an alternative to ICO, which the SEC cannot come nearby.

Back in December, when Verge (XVG), Monero (XMR), and Zcash (ZEC) were trading at $0.007, $238, and about $310, respectively, McAfee tweeted that these coins have a great future. In the next few days, Verge skyrocketed to $0.05. His followers have even code-named such sharp price rises that follow his tweet as ‘McAfee Effect’. McAfee had also invited SEC Chairman Jay Clayton for a live debate several times in the past. So, his followers would be expecting him to be back in action soon.

AuthorTim Glocks

Tim is a retired professor in economics, this background has enabled him to provide a insight into the cryptomarket. His indepth analysis as well as news on legislations around the world will help you to understand what the state of play is.