Kevin O’Leary Calls for More Regulation in Crypto Industry
Kevin O’Leary, chairman of O’Leary Ventures, recently spoke at Consensus 2025 in Toronto, highlighting the need for increased regulation in the crypto industry. O’Leary expressed concerns that the lack of regulatory clarity is hindering true institutional adoption of digital assets.
According to O’Leary, crypto assets under management (AUM) have hit a roadblock due to the absence of clear regulations, which has deterred sovereign wealth funds, pension funds, and institutional investors from making significant investments in the space.
During his speech, O’Leary stated, “I never thought I’d say this, but I want more regulation and I want it now. The good news is there’s a new sheriff in town: Paul Atkins at the U.S. Securities and Exchange Commission (SEC).”
O’Leary praised Atkins, the new SEC chairman, for his positive stance towards the crypto industry and his commitment to regulating the space appropriately. Atkins, who took office last month, is expected to bring a more crypto-friendly approach compared to his predecessor, Gary Gensler.
Speaking about Gensler, O’Leary acknowledged his consistency as a regulator, stating, “He said he was gonna sue you, and he sued you. He was consistent and you have to respect that.”
Reflecting on his own run-in with the SEC over a decade ago, O’Leary revealed that he had received a Wells notice after discussing debt tokenization in a televised interview. Although he was cleared of any wrongdoing, the experience temporarily deterred him from further involvement in the U.S. crypto market.
Since Gensler’s departure from the SEC in January, the regulatory approach towards crypto has shifted. The SEC has established a Crypto Task Force led by Commissioner Hester Peirce, known for her pro-crypto stance, and has dropped several investigations and lawsuits initiated under Gensler.
Looking ahead, O’Leary is optimistic about the potential passage of the GENIUS Act in the coming months. He believes that this legislation, along with the subsequent market infrastructure act, will pave the way for a significant influx of capital into the crypto market, particularly towards bitcoin.