John McAfee Notions at the SEC Losing its First Legal Battle Against Blockchain Crypto Assets


John McAfee, one of the most recognized figures in the cryptocurrency space has given his opinion regarding the U.S. Securities and Exchange Commission (SEC) and virtual currencies.

In a recent tweet uploaded by McAfee, he said that the SEC has lost its first legal battle in its unlawful quest to regulate the crypto market.

 

In another Tweet, he mentioned that the SEC is a corrupt agency that been put down by the justice system. At the same time, he said that the SEC should be shut down in order to benefit Americans.

McAfee is making reference to the decision of a court in the United States that dismissed claims from the SEC against the decentralized exchange (DEX) Blockvest. The SEC decided to suspend Blockvest’s Initial Coin Offering (ICO) explaining that the DEX was selling unregistered securities.

The SEC has also recently issued two enforcement actions against two ICOS, Paragon and Airfox. Both of them will have to pay a fine of $250,000 and give investors their money back in case it’s requested.

Regarding the virtual currency market, Bitcoin has lost around 35% of its price since the beginning of November. The same happened to other virtual currencies in the market. Since its all-time high, Bitcoin is being traded more than 80% down. Mr. McAfee mentioned that Bitcoin being traded above $4,000 is a positive sign.

Mike Novogratz’s Galaxy Digital has also shared a letter with its clients informing that the new crypto market action could be very positive for the space. It could be a turning point after months of being in a bear trend.

McAfee has been supporting different projects in the space and fighting for the cryptocurrency market. He has been defending virtual currencies against the aggression of other individuals and has always given his opinion about Bitcoin. It is important to remember that he said that Bitcoin would be traded close to $1 million by the end of 2020.

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