On 5th October 2020, some allegations were raised on the behalf of the SEC against McAfee as well as Watson for reportedly promoting ICO investments on the social media platform “Twitter” without any disclosure of being paid in return for them.
The U.S.-based Securities and Exchange Commission (SEC) acquired the conclusive decree for a promotion scheme of an initial coin offering (ICO) against McAfee (the late entrepreneur) as well as Jimmy Gale Watson, Jr. (his partner), submitted on 5th October on the same year. In the earliest first complaint, Watson and McAfee were accused by the SEC of ICO investments’ promotion on Twitter but they did not reveal that payments were given to them for doing that.
Watson Assisted McAfee In Negotiating Promotional Contracts With ICO Issuers
According to the accusation, Watson helped McAfee to negotiate the promotional contracts with the issuers of the ICOs and to cash out the payments in cryptocurrencies, along with the rest of the charges dealing with pump-and-dump operations. Watson was found guilty by the District Court of the United States for New York’s Southern District and became liable to pay a fine of up to $375, 934.86. Apart from this, Watson was prohibited from taking part in the operations dealing with the sale, offer, purchase, or issuance of ICOs.
In the litigation, it was mentioned that nonetheless, Watson will not be restricted from selling or buying securities to be put into his accounts. To put a stop to the case, the assertions of the SEC against McAfee got discarded following the submission of a death notice by the Commission for the notorious entrepreneur. The United States Treasury pursued the comments from the common masses – regarding the digital assets’ potential implications on the payment as well as financial infrastructures – to be a part of the reporting to the country’s president.
Nellie Liang Says Digital Assets Have Advantages for People who use them
Nellie Liang (the Treasury’s Under Secretary for Domestic Finance) – while providing his comments on the respective issue – asserted that there may be a lot of likely advantages of the digital assets for the people who use them, taking into account the rapid payments, along with the hazards such as those dealing with scams and frauds. In this way, Liang is of the view that the market participants and the citizens of the United States will provide their remarks which will make them comprehend the effects of the crypto assets’ mainstreaming.
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