Entrepreneur and “Shark Tank” investor Kevin O’Leary has tweeted about the future outlook of venture funding for new crypto projects. In a clip from his appearance on TraderTV in January 2023, O’Leary stated that venture funding for crypto projects is “virtually dead.” O’Leary said that his decision was based on what he saw and heard at a hearing on the FTX exchange during a recent trip to Washington. He said that senators are tired of seeing crypto companies fail because they are not regulated and give out tokens that don’t have any value. O’Leary believes that regulators are being urged by senators and members of Congress to take action against these companies.
Regulated Options are the Way to Go
According to O’Leary, his smart move as an investor is to focus on regulated exchanges such as Wonderfi. He stated that the value of regulated exchanges will increase in the coming years while unregulated ones are likely to go out of business or go to zero as regulators crack down on them.
Earlier in February, O’Leary tweeted that entrepreneurial success trumps family, which generated significant buzz. O’Leary is known for his controversial statements and for getting people talking.
Also Read: Crypto intermediaries should be regulated, says SEC chairman
O’Leary’s views on crypto regulation align with those of other high-profile investors and lawmakers. For example, billionaire investor Mark Cuban has called for more regulation in the crypto space to protect investors. Meanwhile, Treasury Secretary Janet Yellen has expressed concerns about the use of cryptocurrencies in illegal activities such as money laundering and called for tighter regulation. It remains to be seen how the crypto industry will respond to increased regulation, but it is clear that O’Leary and other investors believe that the future of the industry lies in regulated exchanges.
