Kevin O’Leary’s Calls For Regulation Of Exchanges Draws Criticism

  • Kevin O’Leary recently made a tweet calling for greater regulation of crypto exchanges.
  • The former FTX spokesperson claimed that more exchanges will go to zero if not properly regulated.
  • Several crypto influencers have criticized O’Leary’s calls for more regulation.

Kevin O’Leary aka Mr. Wonderful has come under fire for his recent comments regarding the regulation of the crypto industry. The Shark Tank star claimed in a tweet earlier today that crypto exchanges will collapse unless U.S. agencies impose regulations on them.

“We’re going to keep seeing these crypto exchanges going to ZERO, until we actually force regulation on these guys,” former FTX spokesperson Kevin O’Leary claimed in his tweet. The statement has since drawn criticism from influencers, FTX victims, and stakeholders in the crypto industry.

Popular crypto lawyer John E. Deaton responded by remaining Mr. Wonderful of his open endorsement of the bankrupt crypto exchange FTX. O’Leary previously stated that FTX was the only crypto exchange where he felt his crypto assets would be safe. Deaton pointed out the irony of endorsing safety in a company that was run by the biggest fraudster since Bernie Madoff.

Several users took issue with O’Leary’s “shameless” statement, given his affiliation with FTX for which he was reportedly paid $15 million last year. “Please be clear – FTX was never a crypto exchange. It was a honeypot designed by a traditional finance criminal. Stop bringing digital assets into it. He used the trend to entice people to send him USD and value. Nothing to do with anything on-chain. Zero,” said crypto influencer Marty Party.

The Shark Tank star was in the news earlier this week for his stance on crypto regulation. Appearing in an interview with TraderTV Live, O’Leary claimed that the lawmakers in the United States were “fatigued” over the turmoil in the crypto market and may get ruthless unless crypto entities started complying with regulations.

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