- Kevin said he has no interest in picking a fight with SEC Chairman Gary Gensler.
- The shark tank star praised the SEC’s move to clamp down on Coinbase.
Kevin O’Leary, a star of “Shark Tank” and stakeholder in FTX, has said that he would dismiss Coinbase CEO Brian Armstrong in light of the recent crackdown by the US Securities and Exchange Commission. For “butting heads” with the US SEC, O’Leary had harsh words for Armstrong.
Coinbase CEO Brian Armstrong has been blasted by Kevin O’Leary for going up against the SEC. On Tuesday, the financial regulatory enforcement agency filed a lawsuit against the US-based corporation for operating as an unregistered exchange, broker, and clearing agency. The crypto exchange has also filed a petition asking for regulatory clarity over the sector.
The SEC claims that Coinbase, like many other companies, marketed and sold securities without first registering such offers and transactions. Kevin O’Leary remarked, “Armstrong is a pioneer, but if he worked for me, I’d fire him,” in an interview with Yahoo Finance. I have no interest in picking a fight with SEC Chairman Gary Gensler.
Lack of Institutional Interest
O’Leary went on to say that if he were a member of Coinbase’s board of directors or a shareholder, he would have pulled his funds long ago. He praised the SEC’s move to clamp down on Coinbase and said that he saw no need to invest in a company that was “at war” with the regulator.
Moreover, the founder of the bankrupt cryptocurrency exchange FTX is facing various criminal and civil charges, and the shark claims to have lost $15 million on the venture.
Kevin O’Leary, speaking generally about the cryptocurrency market, remarked that it has been stagnant for the last three years owing to a lack of “institutional interest.” Because of the lack of interest, he said, it is unusual to come across crypto being employed in any context.
The value of cryptocurrency as an investment is nothing, he said, calling it an entertaining cause to root for but a “nothingburger” until the industry’s problems are resolved.
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