There is no way of comparing two people as different as Michael Arrington and John McAfee. One is a successful tech person, creator of Techcrunch and cryptocurrency startup investor. The other one is a computer security pioneer and a liberal advocate of cryptocurrencies. But they have something in common: their hate and disdain for the SEC. Michael was invited to the recent San Francisco Global Blockchain Forum, where he was very vocal about his stance on the SEC behavior regarding cryptocurrency startups.
At first, he was upset and declared that the SEC had no clue about cryptocurrencies, and went then to criticize the state of cryptocurrency law and the mess of the range of action that this institution has. Then he got a little more heated and started telling the story that described a peculiar case. He had received a subpoena directed to another investor in name of the SEC and took a moment to comment on the incompetence of the regulatory organization.
Arrington, the actual head of Arrington XRP Capital had bad experiences with the SEC before, being subpoenaed two times and declaring publicly that he would not be investing more in USA based cryptocurrency startups. This, due to regulatory chaos and the costs of attending to this kind of judicial matter. But he did not stop at that; visibly upset, he commented that the SEC was a “bunch of dicks”.
Michael narrative implies that he sees the SEC as a constant threat to cryptocurrency startups and companies who have no way of predicting the actions of the SEC due to the regulatory uncertainty. This makes them able of issuing subpoenas without warning, even saying that he felt you could get thrown into jail without advice.
The SEC has been very busy these last days with high profile cases. They have charged Elon Musk, Tesla’s CEO and made him sign and out-court arrangement. He will have to pay a fine and step down from his position.