Shark Tank star Kevin O’Leary, aka Mr. Wonderful claims he is not interested in investing in litigation from U.S. Securities and Exchange Commission. “That is a very bad idea,” he said. Discussing the SEC lawsuit against Ripple over XRP, he emphasized: “I have no interest in being a crypto cowboy … I have to be compliant.”
Kevin O’Leary Says He Must Not Upset Regulators
Shark Tank star Kevin O’Leary, the chairman of O’shares ETF, talked about cryptocurrency, bitcoin, XRP, Ripple’s lawsuit, and crypto regulation in an interview with CNBC published Friday.
He explained that he prefers to consult with regulators regarding cryptocurrency in order to find out “what’s possible and what isn’t.”
Commenting on the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple over the sale of XRP, O’Leary stressed:
I am not interested in investing in lawsuits against the SEC. This is an extremely bad idea.
Ripple and its CEO Brad Garlinghouse were sued along with Chris Larsen (co-founder) over $1.3 Billion in XRP token sales. They claimed it was an unregistered security offering. Ripple’s executives have argued that XRP doesn’t qualify as a security.
Garlinghouse recently said that he expects the lawsuit to come to a conclusion next year, noting, “We are seeing pretty good progress.” Even the CEO of the Nasdaq-listed crypto exchange Coinbase, Brian Armstrong, believes that the lawsuit is going better than expected.
However, O’Leary said that he prefers to comply with regulators “because that’s where the real capital is.” He emphasized:
I have no interest in being a crypto cowboy and getting anybody unhappy with me because … I have so many assets in the real world that I’ve invested in already that I have to be compliant.
Mr. Mr. Wonderful also doesn’t like meme crypto currencies. He said in July that he will not invest in the popular meme crypto dogecoin (DOGE), noting, “I don’t understand why anybody would.”
However, crypto now makes up about 10% of his total portfolio. For the first time, in October 2018, his exposure to crypto exceeded that of gold. Shark Tank’s star stated that he expected a trillion more dollars to flow into bitcoin in September.
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