Bitcoin markets have had a strategic advantage for the longest time- by their very design, they are mostly unregulated by government bodies. Decentralized finance was established on a utopian notion in governments do not control money.
However, business executives have begun to recognize government regulation as a crucial component. The widespread acceptance of cryptocurrencies and decentralized finance actually depends on it. Consumers will embrace cryptocurrency and decentralized finance in larger numbers.
Four top officials in the administration of US President Joe Biden have urged Congress to “intensify its efforts” to regulate the cryptocurrency industry. In India, Finance Minister Nirmala Sitharaman has emphasized the significance of international cooperation in order to govern the crypto industry.
She added that the crypto awareness campaign being run by Indian regulators to warn people about the dangers of cryptocurrency investment will continue.
Investor, Kevin O’Leary of Shark Tank fame has weighed in on the subject. Let’s explore.
Kevin O’Leary’s Take On Regulation
Businessman, investor, author, and television personality Kevin O’Leary, often known as “Mr. Wonderful,” is a Canadian. O’Leary is most known for his role as a judge on the reality television program “Shark Tank,” where he assesses and finances various business concepts put forth by business owners.
In a recent tweet, O’Leary stated that we’re going to keep seeing these crypto exchanges going to ZERO until regulation is enforced upon them.
O’Leary thinks that unregulated exchanges are exploding and failing because of a lack of regulation. He emphasized in a recent interview with Kitco that these unregulated exchanges encourage users and account holders to purchase their centralized “meritless” coins in order to receive rebates on trading fees. He emphasizes that rogue players and unregulated exchanges are the root of the problem, which can be solved with regulation.
Crypto Community Reacts
The crypto community doesn’t seem to agree with O’Leary on this issue. They have jointly slammed him for his regulatory stance. Because of his bad judgment in placing his trust in others in the sector, one user advised him to refrain from making such statements about the entire market.
Also, explaining that certain reputable exchanges are suitable for conducting transactions and storing them in a cold wallet; you only need to understand how to do so.
Several have urged him to courageously criticize the SEC. Another user has expressed concern that the regulations contradict his fundamental convictions.
Source: https://coinpedia.org/news/crypto-market-needs-regulation-to-weed-out-rogue-players-says-kevin-oleary/