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SEC Bitcoin Blunder: Regulator Accuses John McAfee Of “Scalping”

One of the crypto industry’s earliest supporters and the man who predicted Bitcoin would reach $1 million by the end of…

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One of the crypto industry’s earliest supporters and the man who predicted Bitcoin would reach $1 million by the end of this year, was just arrested in Spain for tax evasion.

That man is John McAfee, who was hit with a number of charges from the US government. Among the accusations, is a very incorrect understanding of what the term “scalping” means, as written by a top dog regulator that should know the space inside and out.

John McAfee Nabbed In Spain For US Tax Evasion Charges, No Bitcoin Bet Fulfillment

John McAfee isn’t just a crypto pioneer, he’s an internet pioneer, who first founded one of the most well-known antivirus brands in the world. The man knows technology inside and out, so when he began sharing his thoughts and becoming active in the emerging tech industry of cryptocurrencies and blockchain, people listened.

McAfee has been on the run from the IRS for failing to file taxes for several years, despite making ample earnings from his cryptocurrency project promotions. Back at the peak of the cryptocurrency bubble, rumors claimed that McAfee was paid millions for pushing ICOs via social media.

Related Reading | Bitcoin’s Black Swan: What Happens If The CFTC Targets Tether Next?

Also at the peak exuberance, McAfee famously predicted that Bitcoin would reach a price of $1,000,000 per BTC by the end of 2020, or else he would eat his own penis on for the world to see. Since then, however, Bitcoin price has remained under $20,000, let alone one million, and McAfee has been on the run from the IRS – who eventually caught up with him in Spain.

The SEC has also set its sights on McAfee for his involvement in promoting these early crypto projects, but have made a big blunder in their accusations.

BTCUSD Monthly Versus John McAfee "Dickline Target" | Source: TradingView

The SEC Accuses McAfee of “Scalping,” Confusing Crypto Pump And Dumps

The United States Securities and Exchange Commission is the regulatory body setting the rules at which all assets deemed securities, the companies that offer them and exchange them, must abide by.

The SEC warns investors of scams and works to keep markets free of fraud, manipulation, and bad actors. The SEC says that McAfee had misled investors by promoting early crypto projects.

The regulatory entity also incorrectly claims that McAfee had been “scalping” which involves buying a cryptocurrency, promoting it heavily with an intent to sell it, and failing to disclose that plan to sell.

Related Reading | Held Accountable: Russia Wants Bitcoin Investors Jailed For Non-Compliance

What the SEC is referencing, sounds a lot more like a pump and dump scheme. “Scalping” in trading, is typically a strategy for fast profits where traders jump in, then jump out avoiding volatility by just a hair.

Given that the SEC is responsible for educating consumers, the regulatory body should revisit its internal glossary and use of certain terms to get with the times.

Featured image from DepositPhotos, Chart from TradingView

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