Kevin O’Leary, the renowned Shark Tank investor and venture capitalist, recently commented on the cryptocurrency industry’s regulatory scrutiny, supporting the cause and FTX’s actions.
In a recent interview with TraderTV Live, Shark Tank investor and venture capitalist Kevin O’Leary emphasized the importance of cryptocurrency exchanges complying with regulation if they want to avoid the scrutiny of the United States Securities Exchange Commission (SEC) and its Chairman, Gary Gensler.
His statements come when regulators are increasingly taking notice of the cryptocurrency market, with concerns over its lack of regulation and transparency.
O’Leary stated that US lawmakers are becoming increasingly tired of cryptocurrency collapses and failures. He believes that lawmakers will become even more ruthless if companies resist regulation. He urged crypto exchanges to “get on board with regulation” if they want to stay out of the way of the SEC and its regulators.
With the recent surge in crypto market valuations, governments and regulators worldwide are looking to tighten their oversight of cryptocurrencies and related services. O’Leary’s statement reflects the broader sentiment in the industry that suggests that regulatory compliance is essential for the long-term growth and stability of the crypto market.
O’Leary also confesses that he lost nearly all of the $15m he received as an official spokesperson for FTX. Despite acknowledging that his investment in FTX was unsuccessful, Mr. Wonderful has maintained his support for the former CEO of FTX, Sam Bankman-Fried. He believes that Bankman-Fried deserves the presumption of innocence until proven guilty, and he has not ruled out the possibility of investing in the entrepreneur again.
In the past, the Shark Tank investor had made it clear that he disapproved of certain decentralized and unregulated players in the industry. On Aug. 13, Kevin O’Leary expressed support for the Dutch authorities who had arrested Alexey Pertsev, the individual responsible for developing Tornado Cash, a cryptocurrency mixer built on the Ethereum network. O’Leary explained that applications like Tornado Cash and the “crypto cowboys” behind them disrupt the fundamental forces of regulation.