FTX nudged the bear and the bear is pissed – O’Leary on crackdown on crypto
FTX nudged the bear and the bear is pissed – O’Leary on crackdown on crypto
#FTX #nudged #bear #bear #pissed #OLeary #crackdown #crypto Welcome to InNewCL, here is the new story we have for you today:
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Shark tank investor and venture capitalist Kevin O’Leary has urged crypto exchanges to “get involved in regulation” if they want to “get out of the way” of Gary Gensler and the United States Securities Exchange Commission (SEC).
In a Feb. 20 interview with TraderTV Live, O’Leary said that US lawmakers are “tired” over crypto meltdowns and that they will only become more ruthless if companies continue to fail:
“You have to get involved in regulation, you have to avoid Gensler at the SEC and other regulators. These hombres (men) in Washington are not happy. FTX nudged the bear, the bear is awake and he is pissed.”
“These senators are really tired, they’re really tired of gathering every six months when the next crypto company explodes and goes to zero,” he said, adding, “because they are completely unregulated and continue to issue worthless tokens. ”
Venture funding for new #crypto Projects is practically dead and the aftermarket trade for existing projects comes with massive discounts. Ground? The #controller is now regulated through enforcement, penalties and massive fines. The venture community has moved on to the next “big” thing, #AI pic.twitter.com/ChpjYIY9Dl
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) February 20, 2023
O’Leary said that the SEC slamming Kraken for $30 million and ordering them to shut down their staking services immediately should put the industry on alert and comply by any means necessary.
In light of the recent regulatory crackdowns, the Shark Tank investor predicted that regulated trading platforms will be better investments than their unregulated counterparts over the next few years:
“I think the value of regulated exchanges will increase over the next few years, while unregulated ones will go out of business or go to zero by regulators.”
O’Leary recently admitted to losing essentially 100% of the $15 million that FTX paid him to be the official spokesperson.
See Also: “There Will Be Plenty More Zeros” – Kevin O’Leary on Coming FTX-Like Breakdowns
Despite admitting that FTX is a “bad” investment, Mr Wonderful has continued to defend former FTX CEO Sam Bankman-Fried, claiming that the controversial figure should be treated as innocent until proven guilty, adding that he would not rule out an investment again the failed entrepreneur:
I’m not afraid to invest in entrepreneurs who have suffered disastrous failures. Failure is often the best teacher.
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) February 7, 2023
The Shark Tank investor has also previously expressed his dislike for some of the more decentralized, unregulated players in the industry.
On Aug. 13, O’Leary said Dutch authorities had the right to arrest Alexey Pertsev — the creator of Ethereum-based crypto mixer Tornado Cash — because such applications and the “crypto cowboys” who run them “ with the primal forces of ordinance.”
