Kevin O’Leary – a wealthy investor and the star of the show “Shark Tank” – says it’s time for the current CEO of Coinbase, Brian Armstrong, to be fired, and that a new CEO that will work hand in hand with the Securities and Exchange Commission (SEC) should be brought aboard.
Kevin O’Leary on the Coinbase Lawsuit
Not long ago, the SEC announced plans to sue Coinbase, claiming it was operating as an unregistered broker. O’Leary believes it’s time to take Armstrong “behind the barn” and find someone new. He stated:
Find a new CEO that will go to SEC chairperson Gary Gensler and say, ‘You win. Let’s regulate this and call it a security.’ The move would provide Coinbase with a trillion dollars’ worth of assets for an allocation of just three percent. It is sovereign wealth.
While what O’Leary suggests sounds simple enough, the situation is quite complicated, and O’Leary doesn’t seem to be taking several things into account. The first is that executives of Coinbase claim to have met with representatives of the SEC several times over a nine-year period to make sure their company followed present rules. They took issue with the Wells notice they received back in April because of this, saying they had done all they could to ensure the firm was compliant.
Also, O’Leary appears to be suggesting that Coinbase simply “give in” to the present antics of the SEC. As we have commented in past articles, the SEC is behaving very much like a schoolyard bully. It has an attitude of, “Submit to me, or I’ll make your life a living hell.” As anybody who went to junior high knows (in other words, pretty much every person out there), you never ever give in to a bully because once you do, the abuse won’t stop.
The best way to deal with a bully is to stand up and fight back. It may not be comfortable, but it’s the quickest and shortest way to get a bully off your back and let them know that you can’t be messed with.
You Must Always Fight Your Bullies
O’Leary’s methodology is that Coinbase should try working directly with the SEC, but it’s likely he doesn’t understand that this option is not probable. You don’t try to reason with a bully; you just punch him in the face and let him know you’re tougher than you look. O’Leary continued with:
Coinbase has lost 70 percent of its market cap since the initial public offering (IPO). The cryptocurrency industry has been stymied for three years and will never get capital appreciation until an institution can invest. After speaking with Sovereign Wealth and other institutions in the last 48 hours, they say this asset class is radioactive waste. We are not going to touch this.
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- Source: https://www.livebitcoinnews.com/kevin-oleary-its-time-for-coinbase-to-get-a-new-ceo/
