The U.S. Securities and Exchange Commission on Monday sued John McAfee, creator of the eponymous anti-virus software, alleging that he made over $23.1 million in undisclosed compensation from recommending seven cryptocurrency offerings on Twitter that were materially false and misleading.
The regulator, which is seeking a trial by jury, alleged that from at least November 2017 through February 2018, McAfee recommended cryptocurrencies that he was paid to promote, while falsely denying “he was being paid by the issuers.”
“McAfee leveraged his fame to make more than $23.1 million in undisclosed compensation” by recommending at least seven initial coin offerings or ICOs to his Twitter followers, the SEC said.
McAfee’s recommendations were “materially false and misleading,” in that he tried to sell “virtually worthless” cryptocurrency tokens by encouraging investors to buy the securities without disclosing his own holdings, the SEC alleged.
The U.S. Securities and Exchange Commission filed suit against crypto investor and promoter John McAfee for his past promotion of initial coin offerings (ICOs) on social media.
Per the complaint:
“From at least November 2017 through February 2018, McAfee leveraged his fame to make more than $23.1 million U.S. Dollars (“USD”) in undisclosed compensation by recommending at least seven “initial coin offerings” or ICOs to his Twitter followers. The ICOs at issue involved the offer and sale of digital asset securities and McAfee’s recommendations were materially false and misleading for several reasons.”
Specifically, McAfee was accused of not disclosing “that he was being paid to promote the ICOs by the issuers,” that he “falsely claimed to be an investor and/or a technical advisor when he recommended several ICOs,” that he “encouraged investors to purchase the securities sold in certain of the ICOs without disclosing that he was simultaneously trying to
[DATELINE]The Securities and Exchange Commission today released the agenda for the Oct. 5 meeting of the Fixed Income Market Structure Advisory Committee (FIMSAC). The meeting will focus on discussions regarding recent market volatility and the impact of COVID-19 on the corporate bond market, the bond fund and ETF market, the technology and e-trading market, and the municipal securities market. The committee will also consider a recommendation concerning the definition of electronic trading for regulatory purposes, and the meeting will include member observations of the fixed income markets and the Committee’s work. The Commission established the FIMSAC to provide advice and recommendations on fixed income market structure issues.
The meeting will be held by remote means and will be open to the public via webcast on the SEC’s website at www.sec.gov.
Members of the public who wish to provide their views on the matters to be considered by the FIMSAC may
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Monday proposed new rules for electronic trading platforms for U.S. Treasuries, corporate debt and municipal securities, aimed at improving transparency and operational preparedness in the world’s biggest securities market.
The proposal, which would be subject to public consultation, aims to address concerns about the shift to alternative trading systems (ATS) that trade government securities as well as the repurchase and reverse repurchase agreements on those securities.
The SEC has signaled for years that it planned to hone oversight on the fixed income market even as it put stiffer regulations in place for U.S. equity markets, which have generally been more transparent, industry advocates have said.
On Tuesday, the SEC announced a new piece of technology that will be distributed to all football players to help with contact tracing. The technology, called SafeTags, was developed by a company called KINEXON.
SafeZone uses ultra-wideband technology to accurately calculate the proximity between individuals by distance and length of time in order to perform quick and accurate contact tracing when someone is symptomatic or tests positive for COVID-19. The contact data is logged in a secure system and can be accessed to contact trace in the event of an infection.
“Through this new relationship with KINEXON, the SEC is committed to using innovative technology to provide solutions for use by our member institutions as we all work to support a healthy environment for student-athletes,” said SEC Commissioner Greg Sankey. “KINEXON provides the SEC with a modern and effective solution to meet the unique contact tracing challenges associated with football.”