John McAfee, the cybersecurity tycoon-turned-cryptocurrency promoter said Tuesday that he will end his work on initial coin offerings (ICOs).
In a tweet, McAfee cited "SEC threats" when revealing that he would stop working on token sales or recommend them to his 800,000-plus followers on Twitter.
It represents the end of what was reportedly a notable line of business, with McAfee revealing in April that his ICO team was charging more than $100,000 for a single promotional tweet, according to a report from The Verge.
McAfee's statement follows a period of sustained criticism against the Securities and Exchange Commission (SEC), the U.S. securities market regulator that has steadily increased its oversight – and activity – in the crypto space since it said last summer that American securities laws may apply to some token sales.
It also comes just days after a senior SEC official said that ether – the cryptocurrency of the ethereum network – isn't a security, which largely came as a relief to members of the crypto community.
Just last week, for example, McAfee declared via Twitter that he would not accept the SEC's view that many token sales qualify as securities offerings. Indeed, earlier this month, McAfee challenged SEC chairman Jay Clayton to a public debate, posting what he claimed was the agency chief's phone number and encouraging his followers to make contact.
Plans to cease promoting ICOs aside, McAfee indicated that he isn't walking away entirely.
McAfee wrote that he was drawing up "an equivalent alternative to ICOs" which he said "the SEC cannot touch."
"Please have Patience," he concluded.
The SEC did not respond to a request for comment by press time.
Image via Gage Skidmore/Flickr
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Jiang Zhuoer: BTC.Top Will Support the Camp Favored by a Majority of Hash Power in the Bitcoin Cash Hash War
Jiang Zhuo’er and his BTC.TOP , a major Chinese mining pool, will not take side in the upcoming Bitcoin Cash’s hash war between two competing camps, Bitcoin ABC and Bitcoin SV. Zhuo’er shared h
F2Pool Will Support the Mining of BCHABC and BCHSV after Bitcoin Cash Hard Fork
F2Pool, the sixth largest bitcoin mining pool in the world, announced on Tuesday that it will allow miners to mine both coins generated from the upcoming Bitcoin Cash hard fork after the chain split
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin