Shark Tank investor and venture capitalist Kevin O’Leary has urged crypto exchanges to “put in regulations” if they want to “stay out of” Gary Gensler and the United States Securities Exchange Commission.
In a February 20 interview with TraderTV Live, O’Leary said that US lawmakers are “fed up” with the collapse of crypto and will only get more ruthless if companies continue to not comply:
“You have to sign with the regulations, you have to stay out of Gensler in the SEC and other regulators. That hombres [men] in Washington is not happy. FTX stabs the bear, the bear is awake, and angry.
“These senators are very tired, they are very tired of gathering every six months when the next crypto company explodes and goes to zero,” he said, adding “because they are unregulated and keep issuing worthless tokens.”
Venture funding for new #crypto The project is almost dead and aftermarket trading for the project is at a massive discount. reason? At # regulator now regulated with enforcement, fines & large fines. The business community has moved on to the next “big”, #AI pic.twitter.com/ChpjYIY9Dl
– Kevin O’Leary alias Mr. Wonderful (@kevinolearytv) February 20, 2023
O’Leary said that the SEC hit Kraken with $30 million and ordered it to immediately stop the staking service to be vigilant and comply with all means.
In light of recent regulatory crackdowns, Shark Tank investors predict that regulated trading platforms will be better investments than their unregulated counterparts over the next few years:
“I think the value of the regulated exchanges will increase over the next few years, while the unregulated ones will go out of business or be zeroed out by regulators.”
O’Leary recently admitted to losing 100% of the $15 million FTX paid him to be the official spokesperson.
related: ‘There will be many more zero’ – Kevin O’Leary in FTX-like collapse to come
Despite admitting that FTX is a “bad” investment, Mr. entrepreneurs fail again:
I am not afraid to invest in entrepreneurs who have experienced catastrophic failure. Failure is often the best teacher.
– Kevin O’Leary alias Mr. Wonderful (@kevinolearytv) February 7, 2023
Previous Shark Tank investors have disliked some of the more decentralized and unregulated players in the industry.
On August 13, O’Leary said that the Dutch authorities have the right to arrest Alexey Pertsev – the creator of the Tornado Cash crypto mixer based on Ethereum – because of the application and the “crypto cowboys” who run “mess with the regulatory forces.”