If crypto exchanges want to remain out of the firing line with Gary Gensler and the United States Securities Exchange Commission, then Kevin O’Leary – Shark Tank investor and venture capitalist – has implored them to “get on board with US regulators.”
“Regulated Shopping Platforms Offer Better Investment Opportunities”
In a conversation with TraderTV Live, Kevin O’Leary made it clear that the US regulators are quickly losing patience when it comes to crypto collapses and will get even more severe if businesses don’t comply with regulations: “It’s essential you align yourself with regulation and avoid making enemies of Gensler from SEC or any other authority in Washington DC. They are not thrilled these days; FTX has awakened an angry bear.”
Exhausted from the endless cycle of blockchain companies exploding and imploding, these US regulators have grown weary due to their unregulated nature. Being flooded with useless tokens has taken its toll on them over time.
Kevin O’Leary emphatically declared that the SEC’s $30 million fine and order for Kraken to stop its staking services was a loud warning sign to industry players, urging them to abide by all necessary regulations. Given recent enforcement actions from regulatory authorities, the Shark Tank investor foresaw regulated trading platforms as being better investments than unregulated ones in coming years: “I predict that regulated exchanges will gain more value over ensuing years while those without proper authorization get put out of business or are brought down to nothingness through regulators.”
Kevin O’Leary Defended Sam Bankman-Fried
Confessing to squandering almost every penny of the $15 million FTX paid him for endorsing their brand, Kevin O’Leary still stands by Sam Bankman-Fried and insists on treating the former FTX CEO as innocent until proven otherwise. Additionally, he has not excluded the possibility that he would invest in this controversial entrepreneur again; “I am not afraid of investing in entrepreneurs who have experienced life-changing failure. Failure is often a great teacher!”
O’Leary, a Shark Tank investor, has recently aired his distaste for some of the more unregulated players in the crypto industry. On August 13th, he argued that Dutch authorities acted appropriately by arresting Alexey Pertsev, who created Ethereum-based crypto mixer Tornado Cash since these applications and those responsible can disrupt or flout regulation. Kevin O’Leary emphasized that it is vital to abide by laws set out to maintain proper legislative control over these technological advancements.
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