TV star Kevin O’Leary supports Tornado Cash sanctions
- August 15, 2022
- 0
Kevin O’Leary, an investor and star of the TV show Shark Tank, talked about the need to regulate cryptocurrency mixers like Tornado Cash in an interview with Crypto
Kevin O’Leary, an investor and star of the TV show Shark Tank, talked about the need to regulate cryptocurrency mixers like Tornado Cash in an interview with Crypto Banter.
According to him, such practices hinder a significant flow of institutional funds into the digital asset industry.
O’Leary opposed the “crypto cowboys” in the industry. He believes projects like Tornado Cash need a “rules-based environment” to root out.
“I think we’re getting close to that stage. […] I want to join a regulated space where we can put billions of dollars into work,” the investor added.
According to O’Leary, the crypto industry will have to “sacrifice” the arrested Tornado Cash developer for “a kind of stability”. According to media reports, Alexey Pertsev is the co-founder of the service.
Many industry representatives did not agree with the TV star’s position. Among them is Brian Armstrong, head of bitcoin exchange Coinbase.
“Approving a technology (as opposed to a person or entity) seems like a bad precedent to me. This should probably be questioned. It can have many unforeseen consequences later on,” he explained.
Armstrong added that the trading platform he led will always comply with the law.
Read what Tornado Cash is and how it works on ForkLog training cards.
Recall that on August 8, the US authorities added the mixer’s website and the corresponding cryptocurrency addresses to the sanctions list. By OFACAt least $7 billion in funding has passed through Tornado Cash since 2019.
Circle has blacklisted the service’s USDC wallet addresses following the sanctions. Infura and Alchemy infrastructure platforms have limited RPC requests to Tornado Cash.
Decentralized derivatives exchange dYdX has suspended the accounts of users who previously interacted with the mixing service.
The assets of Tornado Cash decreased by 15% after it entered the US sanctions list.
Tornado DAO members urged the community to hire a team of lawyers to challenge the sanctions in court.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
