Coinbase needs new CEO after SEC fail: Kevin O’Leary

Investor and Shark Tank star Kevin O’Leary said he would fire Coinbase CEO Brian Armstrong and find someone willing to do business with the Securities and Exchange Commission (SEC). Stated.

SEC Sues Coinbase, Claiming Crypto Exchange Is Not Registered As Broker

Coinbase co-founder and CEO Brian Armstrong announced the “Cryptocurrency Stories from: Speaking on stage at What Future Currencies Mean for You (Getty Images)

On Tuesday, the SEC announced it would sue a cryptocurrency exchange for operating as an unregistered broker. Meanwhile, Treasury Secretary Janet Yellen said Wednesday that she supports regulatory oversight of cryptocurrencies to protect consumers and investors.

O’Leary took Armstrong “behind the barn” and said he plans to have a new CEO for Coinbase. “Find a new CEO who will go to SEC Chairman Gary Gensler and say, ‘You win.’ A 3% allocation would give Coinbase $1 trillion worth of assets, which is sovereign wealth.”

coinbase cryptocurrency

Taken on March 4, 2022, this illustration shows the representation of cryptocurrencies in front of the Coinbase logo. (Reuters/Dado Ruvic/Illustration/File Photo/Reuters Photo)

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In an SEC complaint filed in federal court in Manhattan, regulators allege that since at least 2019, Coinbase has collected transaction fees from investors without disclosure or registration protection, exposing customers to risk. said it had privatized billions of dollars.

“Coinbase has lost 70% of its market cap since its initial public offering (IPO),” said O’Leary.

Kevin O'Leary

Billionaire Kevin O’Leary joined “Kudrow” to give his outlook on the US stock market and economy. (Ting Sheng/Bloomberg via Getty Images/Getty Images)

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“The crypto industry has been stagnant for three years and will never rise in value until institutions are ready to invest,” he continued. “We have spoken with Sovereign Wealth and other agencies in the last 48 hours and they say this asset class is radioactive waste.

Coinbase did not respond to inquiries from FOX Business.

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