Home / Crypto Currency / John McAfee Told His Followers to ‘Flood’ the SEC’s Inbox. It Didn’t Go Well.

John McAfee Told His Followers to ‘Flood’ the SEC’s Inbox. It Didn’t Go Well.

john mcafee BitFi


This is why we can’t have nice things.

A few months ago, cybersecurity pioneer and noted provocateur John McAfee took to Twitter to implore his followers to “flood” Securities and Exchange Commission (SEC) Chairman Jay Clayton’s office with emails and calls. McAfee wanted them to demand that Clayton — to whom he affectionately referred as “this mother f**ker” — square off against him in a public debate over whether initial coin offering (ICO) tokens should be classified as securities under federal law.

Now, thanks to documents obtained by Buzzfeed News through a Freedom of Information Act (FOIA) request, we know exactly how ugly a trainwreck it actually was. You can read all 100+ pages for yourself over at Buzzfeed, but we combed through this literary cornucopia so that you don’t have to.

You might want to sit down for this.

The Good

(This section left intentionally blank.)

The Bad

I knew I was in for trouble when one of the first submissions resurrected the hideous camelcase “BitCoin” in the service of the following word salad, which may or may not have been intended to be a poem.

Then there’s this email from a Yahoo Mail for iPhone user, who attempts to educate Clayton on the economics of an ICO called “Sand Coin,” which, the author claims, is not used for speculation — it’s used to buy (You guessed it!) Anakin Skywalker’s least-favorite naturally-occurring granular material from the project’s developers, and yes, it’s a real token.

This next author, similarly, sought to instruct Clayton on the regulatory status of one cryptocurrency in particular: XRP, which the SEC has conspicuously not referenced publicly as an example of a coin that is not a security.

Indeed, this strategy of persuasion-through-education was quite common. “Debate John mcafee about ico securities. They are not securities and he can educate you,” said a third email.

However, another of McAfee’s followers took a different tack, leveraging his or her position as a taxpayer (or the basement-dwelling progeny of a taxpayer, as the case may or may not be) to demand that Chairman Clayton, the author’s “employee” rule that ICOs are not securities. Failure to do so, the author warns, will “constitute insubordination…and be reflected in any upcoming reviews.”

This next one wasn’t particularly interesting, but I thought it was worth including simply due to the irony of writing in a FOIA-accessible document that publishing the contents of this message is “STRICTLY PROHIBITED.”

This one, though brief, was among the most coherent of the bunch.

And, of course, it wouldn’t be a real Twitter mob without a few insults thrown in for good measure. Here’s two: “Debate Mcafee you melt,” typed one iPhone user. “You seem to not be thinking logically about anything,” said another McAfee fan.

The Confused

Then there are the emails from Twitter users who clearly had no idea what was going on but didn’t want to miss out on the fun (#adorbs).

“Please debate with me mcafee,” read one.

Another of McAfee’s confused followers seemed to think that the hypothetical debate was related to the prolific ICO promoter’s recently-announced candidacy for president during the 2020 election.

“Greetings Sir, Please debate Mr John McAfee for US President come 2020. The man got my full support and I respect him so heartily. Thanks Sir and God bless you,” the email read.

Then there’s this one, which seems to begin with the assumption that Clayton has already won that aforementioned presidential election. That fact settled, the author proceeds to request that President Clayton provide formal guidance that “Bitcoin and Crypto money is securities,” which — to be clear — is the exact opposite of what McAfee is arguing. “We expect this from you,” the author concluded.

Reflections on an Afternoon (Well?) Spent

It’s difficult to accurately convey what I learned from the experience of reading through every one of the emails released by the SEC in the “McAfee File,” so I’ll just simply say that, assuming they were all written by native English speakers living the U.S., Hooked on Phonics might be primed for a commercial renaissance. After all, nine out of 10 parents say it works.

Granted, antics like this are always good for a hearty laugh, and for that, I suppose we can be thankful that McAfee always has a few up the sleeves of his ICO-sponsored shirt, nestled comfortably beside his “unhackable” wallet that has since dropped that claim.

However, it’s not all fun and “I’ll eat my manhood if the bitcoin price doesn’t reach $1 million in three years.” Just remember, the next time a bitcoin ETF ruling deadline approaches, the SEC has hundreds of emails like these sitting its archives, seemingly suggesting that a not-insignificant swath of cryptocurrency investors are incapable of forming a coherent sentence, much less evaluating the risks of trading a consumer-facing investment product like a bitcoin ETF.

Featured Image from YouTube

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Read more

Check Also

How Coil Could Impact XRP Price After Recent Pump

XRP holders have been incredibly excited as of late due to the cryptocurrency’s overwhelming performance over the past week, leading the crypto markets as it rose from $0.25 all the way up to nearly $0.80 before stabilizing at its current price of $0.45. XRP investors may now have another use-case to be excited about: Coil. Coil To Accept XRP Payments The reasons behind this meteoric rise have been somewhat unclear, but things like the upcoming Swell conference, hosted by Ripple, and the potential release of Ripple’s XRP based settlement system, xRapid, have been floated as reasons behind the price rise. In addition to being used for Ripple’s xRapid product, investors may be excited to hear that the upcoming launch of a new company, called Coil, may provide even more use-cases for the cryptocurrency. Coil is a recently founded company headed by a former Ripple executive, that allows the internet’s largest companies to effectively accept XRP as a form of payment, expanding its use from simply a settlement vehicle to an effective currency. Coil was launched earlier this year by Ripple’s former Chief Technology Officer, Stefan Thomas, with the goal of using micro-payments to fix the issues that currently exist with online advertisement placement. Coil currently has trial partnerships with sites like YouTube, Wikipedia, and Twitch. Thomas spoke about Coil’s mission, saying: “For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web… Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.” Coil is a direct competitor with the Brave web browser, which utilizes BAT tokens in order to facilitate micro-payments for internet content. Coil is also similar in concept to ChangeTip, an internet tipping app that was popular on social media before it burned through its funding and closed its operations. Coil Could Affect XRP’s Price Because XRP’s recent price spike can be largely attributed to speculation regarding the xRapid being released during the Swell conference occurring in the coming weeks, it is clear that investors are looking to see just how practical XRP is as a cryptocurrency, with many detractors claiming that there simply aren’t enough use-cases that make it a better alternative to Bitcoin or other competing altcoins. That being said, investors may take note of the use of XRP for Coil’s upcoming launch, which could positively affect XRP’s price. Currently, one of the most popular and widespread methods for tipping influencers and content creators on Twitter and Reddit is through the XRP Tip Bot, which has facilitated over 55,000 XRP tips totaling at 72,684 XRP sent in total. Coil would take the concept of micro-payments using XRP to the next level, and, if successful, could prove that XRP is efficient for transferring both large and small quantities of value. Featured image from Shutterstock The post How Coil Could Impact XRP Price After Recent Pump appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.