Shark Tank star and FTX shareholder Kevin O’Leary has made waves in the crypto community by stating that he would fire Coinbase CEO Brian Armstrong if the executive worked for him. This comment came amid the ongoing crackdown by the US Securities and Exchange Commission (SEC) on the well-known cryptocurrency exchange.
O’Leary’s criticism of Armstrong stems from the Coinbase CEO’s apparent willingness to challenge the SEC in its enforcement actions. The SEC recently sued Coinbase on the grounds of the company operating as an exchange, broker, and clearing agency without proper registration. Additionally, the SEC alleges that Coinbase has been offering and selling securities without registering the offers and sales.
In an interview with Yahoo Finance, O’Leary suggested that while Armstrong is a pioneer in the cryptocurrency space, his combative approach with the SEC would warrant termination if he were an employee of O’Leary’s. Furthermore, O’Leary stated that if he were a shareholder or board member of Coinbase, he would withdraw his investments, as he has no interest in funding a service that is “at war” with the SEC.
It is worth noting, however, that O’Leary has previously lost a significant amount of money in the world of cryptocurrency, specifically $15 million on a now-defunct crypto exchange, FTX. The founder of FTX has been charged with multiple criminal and civil offenses.
O’Leary went on to discuss the broader issues facing the cryptocurrency industry, asserting that lack of institutional interest has stagnated the sector over the last three years. He argues that it is difficult to find any practical use for cryptocurrency, as interest from larger financial players remains scarce.
The Shark Tank star went so far as to label cryptocurrency as “worthless” as an asset and described it as a “nothingburger.” He claimed that although it has been enjoyable to be a part of the emerging crypto community, it currently amounts to little until major problems within the industry are resolved.
While O’Leary’s statements have generated attention, it is crucial for readers and potential investors to conduct their own research before making any decisions. The opinions expressed by O’Leary are subject to market conditions and represent only one perspective.
Source: Coingape
