Shark Tank star Kevin O’Leary, aka Mr. Wonderful, warns that US crypto regulation has become “very, very aggressive.” Noting that regulators are now “regulating through enforcement, penalties, and huge fines,” O’Leary stressed the importance of getting out of the way of the SEC, Chairman Gary Gensler, and other regulators.
Kevin O’Leary shares his outlook on crypto regulation
Shark Tank star Kevin O’Leary shares his outlook on the crypto industry in the wake of several enforcement actions by the US Securities and Exchange Commission (SEC). Wonderful tweeted Monday.
Venture financing for new crypto projects is virtually dead and aftermarket deals for existing projects are at massive discounts. The reason? Regulators now regulate through enforcement, penalties, and huge fines.
“The venture community has moved on to the next ‘big’ thing, AI,” he added.
O’Leary explained in an interview with Trader TV Live published Sunday that U.S. lawmakers are “angry” about having to meet regularly to deal with the failure of crypto companies after the collapse of cryptocurrency exchange FTX. Senators are “fatigued” and “really tired of getting together every six months when the next crypto company explodes and goes to zero,” the Shark Tank star explained. He believes this is one of the reasons why SEC Chairman Gary Gensler recently cracked down “hard” on crypto exchange Kraken’s staking program.
Emphasizing the SEC’s enforcement-centric approach to regulating the crypto industry, O’Leary warned.
That environment is becoming very, very aggressive, and regulators are being applauded by senators and congressmen, saying, ‘What is this? We’ve had enough of this stuff.’
O’Leary warned that unregulated cryptocurrency exchanges will be put out of business or reduced to zero by regulators in the coming years. He emphasized.
You got to get on board with regulation. You have to stay out of the way of Gensler, the SEC, and other regulators.
“The guys in Washington are cranky . .the FTX poked the bear. The bear is awake and angry,” O’Leary concluded.
The Shark Tank star said earlier this month that most crypto tokens are worthless, stressing that they will “eventually just go to zero. “O’Leary’s continued support for disgraced FTX co-founder Sam Bankman-Fried (SBF), who recently was blamed by the crypto community for the scandal. Mr. Wonderful was paid $15 million to be a spokesperson for the FTX.
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