Cryptocurrency

SEC and IRS Termed the Creation of Anonymous and Restricted DEX Wrong, Says John McAfee

In a recent tweet, John McAfee stated that the McAfee DEX has not been received well by prominent regulatory bodies like the SEC and IRS. Both these organizations had reportedly informed him that he was “wrong” in setting up the anonymous and unrestricted decentralized crypto exchange McAfee DEX. The primary reason behind this stance was that it could be used by terrorists and other anti-social elements.

McAfee responded sarcastically and tweeted,

McAfee has always been at a tussle with the US authorities and has been under the scanner for several tax-related matters. In fact, McAfee himself has argued on several occasions that taxes like income tax and wealth tax are for robbing people of their legit income. Also, he has been a strong advocate of financial anonymity and privacy, which he claims is a basic human right.

For catering to the growing demand for an anonymous crypto platform, the antivirus pioneer created McAfee DEX, which doesn’t require the users to share any personal or financial information for using it. This is what concerns the authorities because the anonymity creates the danger of terrorists, money launderers, tax evaders, drug peddlers, etc. using it for escaping the government radar.

McAfee has been one of the strongest proponents of cryptocurrencies as an alternative to traditional monetary systems, which he believes to have been hijacked by the establishment to become anti-people. He is on the run for several months and has become one of the most controversial names in the US. Interestingly, he is also running for the US Presidential Elections.

However, the claim made by the SEC and the IRS can be argued to be true, as there have been instances of anti-social elements using Bitcoin for escaping the eyes of the authorities. Especially, crypto has been extensively used on the Dark Web, which itself testifies that anonymity can create danger. McAfee tackles this by stating that we cannot stop creating something for the benefit of the people simply because terrorists can take undue advantage from it.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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