Is Floyd Mayweather’s enemy Conor McGregor or the Regulation of Cryptocurrencies?

Many sports enthusiasts are counting down the days until the fight between the undefeated boxer Floyd Mayweather and the reigning UFC champion Conor McGregor. However, Floyd himself seems to be more excited about the initial coin offering of a cryptocurrency he has invested in. Mayweather recently promoted a blockchain prediction company called Stox.com and the ICO began on August 2nd.

An initial coin offering is a fundraising custom in which companies raise money from the public and offer digital tokens in return. The ICO for Stox.com lasted from August 2nd to August 3rd and ended after it reached its target of $30 million. This number is not as impressive as it may seem, but is still a great feat for this new blockchain-based company. Comparatively, the $30 million ICO is the ninth biggest ICO recorded. The two largest ICO's yet have been Tezos, which raised $232 million, and Bancor, which raised $153 million.

Stox.com is a Bancor based prediction market platform. This means that Stox.com follows the Bancor Protocol and uses Smart Tokens. The Bancor Protocol is the new standard for cryptocurrencies and enables anyone to be able to create and convert smart tokens that compute their own prices comparatively. On Stox.com people will have the ability to predict the outcome of events in categories such as: sports, finance, politics, or even the weather. The tokens earned using Stox.com can then be traded for other digital currencies such as Bitcoin or even cash due to the Bancor Protocol.

Cryptocurrencies have become increasingly popular over the course of the last year, especially Bitcoin and Ethereum. From the ICOs of cryptocurrencies in 2017, over $1 billion has been raised. Now that such a significant amount of money has been put into this sector, the SEC has started to become involved in regulating these ICOs. In one instance, the SEC ruled that the coins distributed were unlicensed securities and against the federal law.

The significant position Mayweather took on Stox.com is an interesting move, especially because of his illiquidity. The majority of his money is tied up in assets, which has almost gotten him in trouble with the IRS. It has been reported that the famous boxer owes the IRS around $22 million from his 2015 tax bill. He is asking for a pardon from this $22 million payment until his fight against Conor McGregor on Saturday, August 26th. However, some sources have been angered by this pardon because Floyd Mayweather's social media presence indicates that he has quite a lot of cash in hand.

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