Crypto currency advocate, weapons lover and potential US presidential candidate for 2020, John McAfee, called on the SEC to hold a live national television debate on SEC Chairman Jay Clayton’s recent statements on the regulatory status of crypto currencies.
The SEC believes that crypto currencies such as Ripple, Ethereum, IOTA & Co. if financed by an ICO are securities. McAfee, Clayton called on Twitter earlier this week to discuss the crypto currencies on CNN.
McAfee launches offensive
The latest classification of all ICOs as securities by the SEC Chairman triggered the following tweet:
The head of the SEC declared today that all ICOs are securities. While I STRONGLY disagree, and believe that the majority of ICOs do not meet the Suprene Court Howey Test for securities, I will submit, for now, to their rules and will not work with future ICOs… But, I’ll be back
17:05 – 7 June 2018
270 users talking about it
The SEC’s official view of crypto currencies seems to be shifting towards a position www.binarycheck.net that could potentially lead to the implementation of stringent regulatory measures.
“The time has come to separate money from the state and for the first time the tools are available.”
McAfee turned directly to the SEC and called on the regulator to hold a debate on national television, similar to the debate between McAfee and former FBI officer Steve Rogers in 2016, which focused on privacy:
I challenge the SEC to debate me on CNN. I debated the FBI two years ago when they overstepped their bounds. You, the SEC, have overstepped your bounds. I ripped the FBI a new asshole on CNN. I welcome the opportunity to RIP the SEC a new asshole.https://youtu.be/HqI0jbKGaT8
18:06 – 7 June 2018
510 users talking about it
What would be the consequences of a security classification?
While crypto currencies and the blockchain in general are decentralized, the classification of the government can lead to far-reaching problems. Using the current approach of the SEC means that crypto currencies such as Ethereum, EOS, IOTA, Ripple and many others are considered securities.
The consequence would be that only exchanges with an appropriate license scamcontrol would be allowed to offer trading with them. Furthermore, the question is how the projects themselves would have to deal with this classification. Does this mean that one would be equated with a stock corporation and would have to meet all legal requirements so that the decentralized currencies would be almost completely centralized by a decision of the SEC? So far there is no clear statement as to what a concrete classification could look like.
However, Bitcoin is exempt from securities classification because even the SEC recognizes that Bitcoin is a direct competitor of a Fiat currency and has not been issued as a financing measure.