Kevin O’Leary Calls for Firing of Coinbase CEO Amid SEC Crackdown
Summary: Kevin O'Leary has announced he will fire Coinbase CEO Brian Armstrong for taking on the US Securities and Exchange Commission (SEC). O'Leary criticized Armstrong for "butting heads" with the SEC and claimed he would have taken his money out of Coinbase if he were a member of the board of directors or a stakeholder.
After the recent crackdown by the US Securities and Exchange Commission, “Shark Tank” star and FTX investor Kevin O’Leary has criticised Coinbase CEO Brian Armstrong for taking on the SEC. Last week, the U.S SEC, the agency charged with enforcing financial regulations filed a complaint against the US-based company for acting as an unlicensed exchange, broker, and clearing house.
Securities Claim Yet Again Looms
According to the SEC, Coinbase is one of several firms that illegally offered and sold securities without first registering to do so. In an interview with Yahoo Finance, Kevin O’Leary said, “Armstrong is a pioneer, but if he worked for me, I’d fire him.” I have no intention of getting into a confrontation with Gary Gensler, the chairman of the SEC.
Handpicked News: Moody’s Downgrades Coinbase Credit Rating as SEC Lawsuit Looms
O’Leary went on to claim that he would have taken his money out of Coinbase a long time ago if he were a member of the board of directors or a stakeholder. He complimented the SEC for cracking down on Coinbase and said he didn’t see the point in investing in a firm that was “at war” with the regulator.
Crypto Has No Worth Claim
In addition, the founder and former CEO of the defunct FTX bitcoin exchange is being sued and prosecuted for many offences, and the shark claims to have lost $15 million.
For the last three years, the cryptocurrency market has remained flat, according to Kevin O’Leary, who blames a lack of “institutional interest.” He said that the low frequency with which he saw crypto being used was due to the general lack of enthusiasm for the technology.
He claimed crypto is fun to support but a “nothingburger” until the industry’s issues are fixed, and that its worth as an investment is nothing.