Kevin O’Leary Slams Coinbase CEO For SEC Clash, Ignites Controversy

Prominent investor and Shark Tank star Kevin O’Leary has weighed in on the clash between Coinbase CEO Brian Armstrong and the US Securities and Exchange Commission (SEC), expressing his strong criticism of Armstrong’s approach. O’Leary, known for his candid opinions, holds a stake in FTX and is considered a key figure in the investment world. 

Armstrong vs. SEC

O’Leary’s critique stems from Armstrong’s decision to challenge the SEC, which recently filed a lawsuit against Coinbase. The SEC alleges that the popular US-based cryptocurrency exchange operated as an unregistered exchange, broker, and clearing agency, further accusing Coinbase of selling securities without proper registration.

O’Leary Lashes Out

In a recent interview with Yahoo Finance, O’Leary didn’t hold back his disapproval of Armstrong’s confrontational stance. He stated unequivocally that if Armstrong were under his employ, he would be relieved of his position for going against regulatory authorities. O’Leary emphasized his preference for avoiding conflict with the SEC and showed his support for the regulatory crackdown on Coinbase.

Moreover, O’Leary expressed his reluctance to continue supporting a service that is at odds with the SEC. As a shareholder or board member, he firmly stated that he would withdraw his investment from Coinbase. O’Leary’s stance underscores his emphasis on compliance and his aversion to being associated with ventures that disregard regulatory guidelines.

Concerns About The Crypto Industry

Beyond the Coinbase-SEC clash, O’Leary took the opportunity to address the broader cryptocurrency industry. He voiced concerns about the industry’s limited progress over the past few years, citing a lack of institutional interest and limited real-world adoption of cryptocurrencies. He even went as far as describing crypto as “worthless” until the industry effectively addresses its underlying issues.

However, the analyst’s outspoken comments have sparked heated debates within the crypto community, with varying opinions on the clash between Coinbase and the SEC, as well as the overall trajectory of the cryptocurrency industry. 

Will Armstrong’s defiance pay off, or will regulatory pressure prove insurmountable? We’re keeping a close watch!