John Deaton Responds To Kevin O’Leary’s Comments On Suing Regulators
- Kevin O’Leary recently stated that litigating crypto regulators is “really stupid.”
- The crypto lawyer responded by highlighting that regulators are likely to change in every election cycle.
Crypto lawyer John Deaton has responded to the comments made by Kevin O’Leary regarding people who choose to sue crypto regulators. In a recent interview, the Shark Tank star stated that choosing to litigate your crypto regulator is “really stupid”.
Kevin O’Leary believes that companies operating in the crypto industry should refrain from taking legal action against regulators. According to him, crypto entities should sort out their differences with regulators in an effort to stay in their good graces.
“If the crypto community and crypto investors like me want to fit into the existing global financial services system, we have to tuck under the regulator. I no longer have any interest in going to war with regulators, litigating regulators, and suing regulators. That is not the future of crypto,” the Shark Tank star stated.
Speaking on American crypto exchange Coinbase’s legal trouble with the Securities and Exchange Commission (SEC), O’Leary stated that the best course of action would be to sit down and work it out with the regulator. He added that if the SEC doesn’t allow staking or lending, then crypto companies should comply.
Popular crypto lawyer John Deaton took to Twitter earlier today to share his thoughts on O’Leary’s stance on litigation against regulators. According to Deaton, several regulators including SEC Chair Gary Gensler are appointed by the government that wins elections and such regulators are likely to change with every election cycle.
Deaton referred to these regulators as “unelected bureaucrats” who are acting in an unreasonable manner and ignoring the word of law. The crypto lawyer further implied that crypto entities need to fight back, rather than resort to methods like bribery.