Shark Tank star suggests crypto companies get on board with regulation

Kevin O’Leary shared his opinion on the recent US regulatory crackdown on crypto companies and suggested crypto companies stay away from the SEC’s enforcement action.

Kevin O’Leary is a popular Canadian billionaire businessman. He is popularly known as Mr. Wonderful & also grabbed huge fame in the world as a star of the new startups investment focussed TV show “Shark Tank”. 

On 20 Feb 2023, Kevin O’Leary spoke with TraderTV Live and there he talked about the ongoing regulatory crackdown on the crypto companies.

The Shark Tank star said that US lawmakers are now tired because of meetings over the meltdown of several crypto companies, so they are going to take strict action against crypto companies if companies will not try to comply with laws. 

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Kevin thinks that FTX’s bankruptcy acted as a catalyst to invite the bear phase for this market & it is pissed.

Because of this critical situation, Kevin noted that crypto startups will now not get funding from Venture capitalists (VCs) and the majority of them are looking to move toward investment in AI startups.

Venture funding for new #crypto projects is virtually dead and aftermarket trading for existing projects is at massive discounts. Reason? The #regulator is now regulating by enforcement, penalties & 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

Kevin suggested crypto companies remain ready, as the United States Securities and Exchange Commission (SEC) fined $30 million on Kraken’s crypto staking services. 

According to Kevin, these regulatory enforcement actions are hinting that VC investment will move toward investment in regulated crypto trading platforms, instead of unregulated crypto counterparts. 

”I think the value of regulated exchanges is going to go up over the next few years, while the unregulated ones get put out of business or go to zero by the regulators,” Kevin said.

Earlier this, Kevin supported FTX’s former CEO Sam Bankman-Fried (SBF), despite losing $10 million worth of crypto investment on the FTX exchange. 

Kevin said that we should learn from failed entrepreneurs because failure is often the best teacher. 

I am not scared of investing in entrepreneurs that have had catastrophic failures. Failure is often the best teacher.

— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) February 7, 2023

Read also: Elon Musk fan launches AI token TruthGPT

Shark Tank star suggests crypto companies get on board with regulation

 

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