Kevin O’Leary Warns US Crypto Regulation Getting ‘Very Aggressive’ — ‘You’ve Got to Stay out of the Way of SEC’

Shark Tank star Kevin O’Leary aka Mr. Wonderful warned that regulation of cryptocurrencies in the US is “getting very, very aggressive.” Noting that regulators now “regulate through enforcement, fines and heavy fines,” O’Leary emphasized the importance of not getting in the way of the Securities and Exchange Commission, Chairman Gary Gensler, and other regulators.

Kevin O’Leary Shares His View on Cryptocurrency Regulation

Shark Tank star Kevin O’Leary shared his take on the crypto industry following several enforcement actions by the US Securities and Exchange Commission (SEC). Mister Wonderful tweeted on Monday:

Venture capital funding for new crypto projects has virtually ceased, and existing projects are re-traded at huge discounts. Cause? The regulator currently regulates enforcement, fines and huge fines.

“The venture capital community has moved on to the next big thing, artificial intelligence,” he added.

O’Leary explained in an interview with Trader TV Live published on Sunday that after the collapse of the FTX cryptocurrency exchange, US lawmakers “got angry” at the need for regular meetings to deal with the failures of cryptocurrency companies. Senators are “tired” and “really tired of meeting every six months when another crypto company busts and goes to zero,” the Shark Tank star described. He believes this is one of the reasons why SEC Chairman Gary Gensler recently “arbitrarily” lashed out at the Kraken crypto exchange over its staking program.

Highlighting the SEC’s enforcement-focused approach to regulating the crypto industry, O’Leary warned:

This environment is getting very, very aggressive, and senators and congressmen and women applaud regulators who say, “What is this? That’s enough for us.”

O’Leary has warned that unregulated cryptocurrency exchanges will be shut down or zeroed out by regulators over the next few years. He emphasized:

You have to get on board with the regulation. You should stay away from Gensler, SEC and other regulators.

“These hamsters in Washington are unhappy… FTX pressed the bear. The bear woke up and got angry, O’Leary concluded.

Earlier this month, the Shark Tank star stated that most crypto tokens are worthless, emphasizing that they will “eventually just zero out.” The crypto community recently criticized O’Leary for his continued support for disgraced FTX co-founder Sam Bankman-Freed (SBF). Mr. Vanderful was paid $15 million to become an FTX spokesperson.

Do you agree with Kevin O’Leary? Let us know in the comments below.

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