John McAfee, of McAfee antivirus software fame, is turning his back on ICOs.
Once a promoter of cryptocurrencies and initial coin offerings, McAfee took to Twitter Tuesday to explain why he would no longer recommend ICOs.
Replying to a Twitter user who asked McAfee to “advise on the next best ICO to invest,” he wrote that he was “no longer working with ICOs” nor would he recommend them, citing unspecified “threats” from the Securities and Exchange Commission. “Those doing ICOs can look forward to arrest,” McAfee continued. “It is unjust but it is reality.”
While McAfee did not offer a further explanation, he did say that he would be “writing an article on an equivalent alternative to ICOs,” that would be impervious to SEC intervention. “Please have patience,” he concluded.
Bloomberg suggests that McAfee’s tweet could stem from recent calls to regulate ICOs. The SEC has considered deeming the offerings securities, which would need to be registered with the regulator.