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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that US crypto regulation is “getting very, very aggressive.” Noting that regulators now “regulate by enforcement, penalties and massive fines,” O’Leary emphasized the importance of staying away from the SEC, Chairman Gary Gensler and other regulators.
Shark Tank star Kevin O’Leary has shared his outlook for the crypto industry following several enforcement actions by the US Securities and Exchange Commission (SEC). Mr. Wonderful tweeted Monday:
Venture funding for new crypto projects is almost dead, and aftermarket trading for existing projects is at huge discounts. Reason? The regulator now regulates with enforcement, penalties and massive fines.
“The waiting community has moved on to the next ‘big’ thing, AI,” he added.
O’Leary explained in an interview with Trader TV Live, published on Sunday, that after the collapse of the cryptocurrency exchange FTX, US lawmakers are “pissed off” to have to meet regularly to deal with the failures of crypto companies. Senators are “tired” and “really sick of gathering every six months when the next crypto company blows up and goes broke,” the Shark Tank star described. He believes this is one of the reasons why SEC Chairman Gary Gensler recently came down “heavy-handed” on the crypto exchange Kraken due to his betting program.
Emphasizing the SEC’s enforcement-centric approach to regulating the crypto industry, O’Leary warned:
That kind of environment becomes very, very aggressive, and the regulators are applauded by senators and congressmen and women saying ‘What is this? We’ve had enough of this.
O’Leary warned that unregulated cryptocurrency exchanges will be put out of business or go bankrupt by regulators in the next few years. He emphasized:
You must familiarize yourself with the regulations. You have to stay away from Gensler and the SEC and other regulators.
“These hombres in Washington are not happy … FTX poked the bear. The bear is awake and it’s pissed off,” 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 was recently criticized by the crypto community for his continued support of disgraced FTX co-founder Sam Bankman-Fried (SBF). Mr. Wonderful was paid $15 million to become a spokesperson for FTX.
Do you agree with Kevin O’Leary? Let us know in the comments section below.
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