"Shark Tank" star claims that the dispute with regulators is "a really stupid idea."
Kevin O'Leary, a well-known venture capitalist and star of the popular TV show "Shark Tank," has urged crypto-related firms to avoid legal confrontations with regulatory authorities.
During an interview, O'Leary shared his opinion about recent regulatory actions from US authorities and harsh comments from industry players.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Get Free Crypto? (Explained with Animations)
In particular, the "Shark Tank" star referred to the regulatory actions from US Securities and Exchange Commission (SEC) against crypto exchange Coinbase. It is worth noting that at the end of March, the news broke that SEC issued a Wells Notice to Coinbase.
When talking about Coinbase's plans to seek "clarity in court," O'Leary noted:
Litigating your regulator, in my opinion, is a really stupid idea.
O'Leary recommends that Coinbase seek a resolution with regulators, saying it would be "better to sit down and work it out." He added that if a "US regulator doesn't want staking or lending, so be it."
However, despite the possible lawsuit, Coinbase confidently asserted the legality of its assets and services.
O'Leary cautioned that Coinbase's defiance of regulators might not be advantageous in the long term. He noted that crypto firm has to "read the room."
On top of that, Kevil O'Leary also emphasized the significance of nurturing positive relationships with regulators for other crypto exchanges.
If the crypto community and crypto investors like me want to fit into the existing global financial services system, we have to tuck under the regulator. I no longer have any interest in going to war with regulators, litigating regulators, and suing regulators. That is not the future of crypto.
Kevin O'Leary is an active figure in the crypto industry. The "Shark Tank" star is a strategic investor in the Canadian crypto exchange WonderFi, which is considering joining hands with two other Canadian crypto firms, Coinsquare and CoinSmart.
Recently, Canadian regulators launched new consumer protection rules for crypto traders, with Kraken being one of the first companies expressing commitment to comply with the new regulations.
