Shark Tank star Kevin O’Leary, on Tuesday, said that cryptocurrency exchanges should not be pursuing legal action against regulatory bodies.
What Happened: O’Leary said that exchanges should avoid litigating against regulators and instead choose to work with them to find a solution, during an interview with CoinDesk TV’s “First Mover.”
“Litigating your regulator, in my opinion, is a really stupid idea,” he said in reference to Coinbase Global Inc. COIN.
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The U.S. Securities and Exchange Commission, or SEC, had issued a warning to Coinbase last month, stating that it may take legal action against the firm for violating securities laws with its exchange operations and staking services.
While Coinbase had pushed back against the SEC’s warning, citing its confidence in the legality of its assets and services, O’Leary disagreed with their stance, suggesting that it would be “better to sit down and work it out” with regulators.
In his opinion, tucking under the regulators’ umbrella would be a crucial move for the crypto industry to integrate into the existing global financial services system.
O’Leary went on to caution against crypto exchanges engaging in legal battles against regulators, stating that exchanges should read the writing on the wall and comply with relevant laws and regulations.
“I no longer have any interest in going to war with regulators, litigating regulators, and suing regulators. That is not the future of crypto,” O’Leary said.
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