The U.S. Securities and Exchanges Commission fined an associate of John McAfee due to a supposed Initial Coin Offering scam.
What Happened: The SEC has passed a judgement against Jimmy Gale Watson prohibiting him from purchasing, selling, or marketing digital assets or currencies within professional boundaries. The SEC further fined Watson over $375,000.
It was also revealed that Watson helped McAfee in cashing out certain crypto payments received by them.
Also Read: Ethereum Outshines Bitcoin, Dogecoin In Crypto Surge: Is Second-Largest Coin On A ‘Hopium’ Trip?
The SEC further accused both Watson and McAfee of partaking in promotional campaigns for pump and dump schemes for numerous cryptocurrency tokens.
Despite this recent judgement passed, Watson is still able to personally purchase and sell cryptocurrencies. Thus, as the cryptocurrency sector continues to grow globally and intertwine itself with numerous industries, the regulatory oversight upon financial transaction is likely to further tightens.
