Recently on Monday, the United States regulatory authority SEC [Securities and Exchange Commission] filed a legal case against John McAfee for illegally promoting an ICOs [initial coin offerings] without disclosing that the ICO issuers were paying him, which is indeed a violation of U.S. securities law.
According to the complaint filed: “From November 2017 to February 2018, McAfee leveraged his fame to form over $23.1 Mln USD in undisclosed compensation by recommending a minimum of seven “initial coin offerings” or ICOs to his Twitter followers.”
The SEC mentions 7 anonymous ICO issuers who privately communicated with McAfee’s team to urge him to publicly endorse their ICOs in exchange for payment in those coins and in Bitcoin. This is often illegal and has previously provoked the commission to go after renowned celebrities like DJ Khaled as well as Floyd Mayweather, who also promoted ICOs without disclosing their financial interests.
The SEC’s complaint refers to a sparkling moment in McAfee’s long history of outlandish predictions for Bitcoin’s price. He ultimately walked back those predictions and claimed he had only been trying to draw public interest in Bitcoin [BTC].