John McAfee, the man behind the famous antivirus software brand and cryptocurrency promoter, has announced that he will no longer be promoting initial coin offerings (ICOs). He cited alleged threats received by the U.S. Securities and Exchange Commission (SEC) as the reason why he's distancing himself from the world of ICOs. McAfee has been involved in the world of cryptocurrencies for several years now and has frequently used Twitter to promote various altcoins. In April of this year, he revealed charging $105,000 for each tweet that he sends out promoting a cryptocurrency project. In a recent interview, he stated that this allows investors to be reached at a cost that is far lower than any other method. When questioned as to whether he feels any responsibility for pump-and-dump schemes that may follow an endorsement, he replied "absolutely not." The SEC has recently taken a lot of interest in ICOs. In May, the agency even launched a fake ICO website in an effort to educate investors on how to spot the signs of an ICO scam. The website includes elements that are frequently used to deceive investors into buying dubious cryptocurrencies, such as celebrity endorsements, guaranteed claims of returns that don't mention any risks and a white paper that contains language which is purposely vague. SEC Commissioner Robert Jackson has been critical of ICOs. He talked about "troubling developments" that the agency has seen with regards to them. Even though McAfee stated that he will no longer be involved in promoting ICOs, it looks like he still intends to be active in the cryptocurrency world. In a recent tweet, he mentioned that he's writing an article on an alternative to ICOs that he believes the SEC won't be able to touch. He has also announced that he'll be running for the presidency in 2020 as a way to "serve the crypto community." Though he admits that his chances of winning are nearly nonexistent, McAfee believes that his presidential bid will give him a platform that he can use to share the truth about cryptocurrencies.
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