Brock Pierce is well known in the crypto world for being a Co-Founder of Block.one, which is the company which developed and launched the major cryptocurrency EOS, as well as being the Co-Founder of Tether (USDT), which is the biggest stablecoin. Also, Pierce is running for President this year.
From the beginning Pierce had no chance of winning the presidency, and only a tiny chance of getting a significant amount of votes. Indeed, on his campaign website it says his goal is not to win, but rather to take some electoral votes away from the Republicans and Democrats, and even that is a nearly impossible task.
Unfortunately for Pierce, his presidential campaign is now looking totally dead, due to him being served a subpoena at one of his campaign rallies.
Apparently this subpoena is for a class action lawsuit in Federal Court against Block.one and the EOS Co-Founders. Essentially, a group of EOS investors are saying that EOS did not follow proper securities guidelines when they launched EOS, leading to damage to investors.
Indeed, the Securities and Exchange Commission (SEC) already fined EOS $24 million for securities violations. This latest lawsuit is simply the civil action from the actual EOS investors, and since EOS already essentially lost to the SEC, it appears the civil suit has a good chance at succeeding.
Zooming out, it would have been good for crypto adoption if Pierce’s campaign gained significant momentum, but due to the two party system that never would have happened, lawsuit or not. The crypto space’s only other Presidential candidate is John McAfee, but unfortunately he fled the country due to tax related crimes, and despite making a big fuss about running for president, it does not appear that McAfee is running anymore.
Thus, 2020 won’t be the year that we see a crypto friendly president, since both crypto candidates, Pierce and McAfee, have serious legal problems.