Entrepreneur and “Shark Tank” star Kevin O’Leary has said that cryptocurrencies are ‘radioactive waste’ until an agreement is reached between digital asset leaders and the Securities and Exchange Commission (SEC).
“I’ve talked to sovereign wealth, I’ve talked to institutions in the last 48 hours and they’ve said this makes this asset class radioactive waste. We are not going to touch this until this thing is resolved,” he said in an interview with Fox Business.
In light of the recent regulatory actions taken against Binance and Coinbase by the SEC, O’Leary believes that the crypto industry will not experience any significant capital gains until these issues are effectively resolved.
According to him, the charges against Binance and its CEo are ‘really, really serious’. He said, “This Coinbase situation is interesting for us domestically because they have been actually at war with [the SEC] for over three years. What I’ve said as an institutional investor now is it’s time to lay down the olive branches.”
It is suggested by O’Leary that leadership be swapped, and a new individual be appointed to run it. It is further proposed that the staff be engaged to resolve the situation, as the entire industry has been hindered for three years.
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He concluded, “You could get a trillion dollars worth of assets for an allocation of just 3% in sovereign wealth. You could open the spigots, you could really make this industry take off and own it domestically. But read the tea leaves, read the room, read Gensler’s lips.”
O’Leary had earlier asserted that the recent lawsuits brought forth by the SEC against cryptocurrency exchanges Binance and Coinbase will have a substantial impact on the industry. He holds the belief that these legal actions will shift the prevailing perception of the crypto market.
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