The U. S. Securities and Exchange Commission (SEC) has recently indicted DJ Khaled and Floyd Mayweather and fined them because they were promoting ICOs in the country without disclosing their payments. This has caused an uproar in the community, mostly among crypto celebrities and commentators.
It all began when the SEC decided to go after the two men last week for their involvement with ICOs. Both of them had a lot of social media followers, so they were charged with fraud for the promotion of the project without disclosing their relationship with them.
While most people started to joke after the announcement and did not take it seriously, some of the other ones spotted the original announcement made by the SEC in November 2017 that affirmed that any people promoting ICOs or securities had to disclose the nature of their relationship or could be prosecuted later.
Panic started as some ICO promoters understood that only saying “I’m being paid” was not enough. In fact, the SEC asked for a lot more information instead. With two high-profile promoters fined, panic was quick to spread and some influencers who relied on this kind of money started to get angry.
John McAfee Did What He Always Does
Amidst a lot of people panicking and some of the others being angry with the SEC, one of the most prominent figures that decided to “fight back” was John McAfee, one of the most controversial crypto commentators on Twitter.
He tweeted that he was not slightly worried about the SEC and that it was a “corrupt, puss filled, bile dripping abcess on the fabric of America”. After that, he said that the SEC could come after him and that he would “rip a new asshole worthy of parking a tractor trailer” in the SEC. You know, just McAfee being himself in a normal day.
McAfee, during his now dead show called Coin of the Day, promoted many projects. He was paid over $100,000 USD per message at the time but did not disclose this information at the time.
He then decided to attack the SEC before the agency even decided to do anything about him. Looks like a very bad plan since he can be arrested or fined anyway and he’s just calling attention to himself, but that’s what his fans like and the man lives and breathes social media.
Other more moderate people also complained about the SEC but none of them were as noteworthy as McAfee and his bravado.
Among the ones who commented on the issue was Jake Chervinsky, a crypto-friendly lawyer. He said that the SEC probably does not care nor have the resources to go after each person who promoted ICOs. People who bought the tokens from the ICOs, however, could easily name them to the SEC, which could bring them problems.