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FTX Poked the Bear and the Bear is Pissed — O’Leary on the Crypto Crackdown

Kevin O’Leary thinks that after dealing with one blowup after another, American lawmakers are “fatigued” and “pissed” with the Bitcoin industry.

Entrepreneur and Shark Tank investor Kevin O’Leary has urged cryptocurrency exchanges to “get on board with regulation” if they want to “keep out of Gary Gensler and the United States Securities Exchange Commission’s path.”

O’Leary stated that American politicians are “fatigued” of crypto failures and that they would only become more brutal if corporations continue to disobey in an interview with TraderTV Live on February 20:

“You must support regulation and respect Gensler at the SEC and other regulators by avoiding their paths. There are some unhappy males in Washington. The bear is awake after being poked by FTX, and it is furious.

He continued, “since they’re entirely unregulated and they keep issuing tokens that are useless, these senators are really tired, they’re really tired of gathering every six months when the next crypto firm blows up and goes to nothing.”

O’Leary asserted that the industry should be on high alert and should comply with the SEC’s order to immediately stop using Kraken’s staking services and fine them $30 million.

The Shark Tank investor projected that over the coming few years, regulated trading platforms will make greater investments than their unregulated competitors in light of the recent regulatory crackdowns:

“I believe over the next few years the value of regulated exchanges will increase, while the uncontrolled ones be put out of business or go to zero by the regulators.”

O’Leary recently acknowledged that he lost virtually all of the $15 million that FTX gave him as compensation for serving as its spokesperson.

Even though he acknowledged that FTX was a “bad” investment, Mr. Wonderful has persisted in defending former FTX CEO Sam Bankman-Fried, asserting that the contentious man ought to be presumed innocent until proven guilty and adding that he wouldn’t rule out investing in the unsuccessful businessman once more:

The Shark Tank investor has already expressed displeasure with a few of the more unregulated, decentralized companies in the market.

On August 13, O’Leary stated that the Netherlands government was correct to detain Alexey Pertsev, the developer of the Ethereum-based cryptocurrency mixer Tornado Cash, because he “mess[es] with the primordial forces of regulation.”

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.