Shark Tank Celebrity Kevin O’Leary, aka Mr. Wonderful, recently warned that US crypto regulations are quickly becoming quite strict. O’Leary stressed the importance of keeping away from the SEC, noting that regulators are now using enforcement, penalties, and heavy fines to maintain order. Various regulators, including SEC Chairman Gary Gensler, have also taken to implementing a strong hand to control cryptocurrency trading.
Kevin O’Leary Talks Crypto Regulations
Shark Tank star Kevin O’Leary shared his insights on the future of cryptocurrency trading in the wake of numerous US regulatory enforcement activities. Mr. Wonderful took to Twitter on Monday:
Venture financing for new crypto projects is now impossible. Aftermarket buying and selling of existing assets is also difficult. Reason? Regulators are now utilizing enforcement, sanctions, and large fines to regulate.
“The venture community has moved on to the next ‘big’ thing, AI,” he added.
O’Leary’s interview with Trader TV Live published Sunday revealed that US lawmakers are taking steps in response to the decline in cryptocurrency trading on FTX. Senators were supposedly “angry” and “really tired of meeting every six months when the next cryptocurrency company blows up and goes down to zero,” O’Leary described. This could be one of the causes why the SEC is so sure about its enforcement-focused strategy for regulating crypto trading.
Highlighting this, O’Leary warned:
This kind of atmosphere is becoming very, very aggressive. Senators and Congressmen are applauding regulators saying “…”What else is possible? We’ve had enough of these items.
O’Leary also cautioned that unregulated cryptocurrency exchanges may be shut down or eliminated by regulators in the coming years. He stressed:
You need to stay on the right side of the regulations. You must remain in the best interest of Gary Gensler, the SEC, and other regulators.
“Those guys in Washington will not be satisfied… FTX poked the bear. The Bear is now awake and angry,” O’Leary concluded.
The Shark Tank star had previously said that most crypto tokens are worthless and will “ultimately go to zero.” O’Leary was recently praised by the crypto community for his endorsement of disgraced FTX founder Sam Bankman-Fried (SBF) after the $15 million acquisition to become a spokesperson of FTX.
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