Bitconnect Promoter Claims FBI Investigating Defunct Crypto Scheme | Cryptocurrency 🌎

Former Bitconnect capitalist and promoter Trevon James is currently claiming he spoke to the Federal Bureau of Investigation regarding the now-defunct exchange and his involvement with the project.

In a YouTube video announce Mon, James additional confirmed that he are testifying regarding his role with the project in ten days, although he failed to specify what variety of hearing this may be. That said, he indicated his information about the exchange was restricted, which he did have any data regarding its plans or road map.

James same he expected his testimony to be just like the 90-minute spoken language he claims to possess had with the FBI agent, whereby he explained his expertise with Bitconnect as a user.

He continues, saying, "I'm glad that I do not understand something so means that there is no proof that I knew something."

However, his testimony might not be strictly associated with Bitconnect's close down or its operations, he said, adding:

"It's very regarding the SEC. Testimony is admittedly necessary, you recognize, for the whole crypto house as a result of... it's regarding securities. Is Bitconnect a security, square measure cryptocurrencies, will they be thought-about securities? That is what it's regarding, it is not regarding whether or not I scammed individuals."
"It's regarding whether or not Bitconnect could be a security and whether or not I knew," James over.

Stepping back, the SEC has been gap abreast of its attitudes toward token sales recently, allegedly supply an overplus of subpoenas to startups that have launched initial coin offerings (ICOs). It's unclear what data the agency is probing for or that teams have received the legal documentation to date.

Still, the move conjointly comes weeks once chairman Jay Clayton represented each token sale as a securities sale, associated James' comments shed feather light-weight on what has to date been an opaque investigation.

So far, no token sale has been registered with the SEC, Clayton same at the time, although he followed up by stating he would really like to draw a lot of of a distinction between cryptocurrencies and ICOs.

"ICOs that square measure securities offerings, we must always regulate them like we have a tendency to regulate securities offerings. End of story," he said.

The Federal Bureau of Investigation failed to reply to the letter of invitation to comment by press time.

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