In a recent interview on TraderTV Live’s YouTube channel, Kevin O’Leary, the well-known venture capitalist and host of the popular show Shark Tank, emphasized the importance of closer cooperation between cryptocurrency exchanges and government regulators.
According to O’Leary, US financial regulators have grown weary of the high number of company bankruptcies in the crypto industry, and as a result, they are becoming increasingly stringent in their oversight of crypto firms. This means that businesses in the crypto space need to exercise greater caution and work more closely with regulators to avoid running afoul of the law.
“You should work with regulators. No need to stand in the way of the SEC and other agencies. These guys in Washington are pretty mean. FTX collapse kicked the bear. He woke up and is furious. Senators are really tired – they are tired of meeting every six months when another large cryptocurrency firm collapses. They are tired of the fact that the industry is not regulated and everyone can issue their own absolutely useless tokens,” said the venture investor.
Kevin O’Leary, also known as “Mr. Wonderful” from the popular show Shark Tank, has voiced his opinion on the future of regulated and unregulated companies in the cryptocurrency industry. According to O’Leary, companies that are properly regulated will attract more visible investment compared to their unregulated counterparts. He also warned that unregulated companies run the risk of facing bankruptcy due to the actions of officials.
In a previous statement, O’Leary had expressed his belief that the majority of cryptocurrency assets lack intrinsic value and are likely to experience a downfall in the near future. His latest remarks echo the sentiment that government regulation and oversight can play a crucial role in ensuring the stability and longevity of companies in the crypto space.