Kevin O’Leary Warns of Strict Enforcement by U.S Authorities on Crypto Sector

• Investors had already moved on to artificial intelligence as per Kevin.
• The star of “Shark Tank” previously this month said that most crypto tokens are useless.

Kevin O’Leary, of “Shark Tank,” has given his thoughts on the cryptocurrency market after the SEC has taken many enforcement actions.

The Shark Tank star tweeted:

“Venture funding for new crypto projects is virtually dead and aftermarket trading for existing projects is at massive discounts. Reason? The regulator is now regulating by enforcement, penalties, and massive fines.”

Very Aggressive Attitude

He also noted that investors had already moved on to artificial intelligence as the “next big thing.” In an interview with Trader TV Live released on Sunday, O’Leary said that politicians in the United States are “pissed” over having to frequently convene to deal with the failures of crypto firms after the collapse of cryptocurrency exchange FTX.

The senators are “fatigued” and “really tired of gathering every six months when the next crypto company blows up and goes to zero,” as the Shark Tank star put it. He thinks this is why SEC Chairman Gary Gensler was so “heavy-handed” in his recent crackdown on Kraken’s staking programme. O’Leary warned, focusing on the SEC’s enforcement-focused approach to crypto sector regulation.

Kevin stated:

“That kind of environment is getting very, very aggressive and the regulators are being applauded on by the senators and congressmen and women who are saying ‘What is this? We’ve had enough of this stuff.’”

O’Leary has predicted that unlicensed cryptocurrency exchanges would either go bankrupt or disappear entirely over the next few years as a result of government oversight.

The star of “Shark Tank” previously this month said that most crypto tokens are useless and would eventually simply fall to zero.  The crypto community has lately criticized O’Leary for his defense of Sam Bankman-Fried, the disgraced co-founder of FTX.