Canadian businessman and crypto Shark Tank investor Kevin O’Leary has said that the recent sanction of the coin mixing service Tornado Cash is a worthy sacrifice to pay for the industry to enjoy institutional adoption.
Tornado Cash Sanction Is a Price to Pay
On Monday, August 8, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash for facilitating the laundering of over $7 billion in digital assets.
Days after, the Dutch government announced the arrest of the 29-year suspected developer of Tornado Cash. While there was a mixed reaction to the sanction, O’Leary believes it’s a price to pay on the road to a more regulated crypto industry.
Crypto Will Benefit from More Regulation
In a Saturday discussion on Crypto Banter, O’Leary, also known as Mr. Wonderful, stated that Tornado Cash is part of a “crypto cowboy” culture that shouldn’t have a place in the industry.
According to O’Leary, there needs to be a more regulated environment for the crypto industry to receive big inflows from institutional investors. An excerpt from his discussion reads:
“I’m tired of this crypto cowboy crap. I want to get involved in a regulated place where we can bring billions of dollars to work…. because I work in the regulated world.”He adds that these investors are not going to touch Bitcoin as long as “crypto cowboys are riding the fence.“
On the Flipside
- The sanction of Tornado Cash has torn the crypto community, with many debating the move is against anonymity and open-source development.
Why You Should Care
Kevin O’Leary echoes the views of many experts that there needs to be significant changes in the crypto industry for it to support mainstream adoption.
Get the full details of the sanction in:
Tornado Cash Crypto Mixer Blacklisted By U.S. Treasury Department
Read Buterin’s defense of Tornado Cash below:
Vitalik Buterin Defends Tornado Cash, Once Used for Ukraine Donations
Read what Circle’s CEO has to say on the sanction below:
Circle CEO Jeremy Allaire Calls for Legal Framework and Policies After Tornado Cash Fiasco