Anushka Basu
2 min read
During his address to Coindesk's Consensus 2025 conference in Toronto on May 15, Kevin O'Leary, chairman of O'Leary Ventures, a venture capital firm, had an unusual message.
O’Leary called for immediate regulation to remove the "wall" impeding institutional adoption of crypto. “I never thought I’d say this, but I want more regulation and I want it now,” O’Leary told attendees.
He called attention to the stagnation of crypto assets under management (AUM), attributing that stagnation to a lack of clarity and control, which he believes has already kept major investors like sovereign wealth funds and pension plans away from crypto.
However, he sees the "new sheriff in town" as a more positive sign, that being Paul Atkins. Atkins who is now the Chair of the SEC has initiated a much-needed dialogue about crypto within the SEC quarters.
Under Atkin’s administration the SEC has a crypto task force who will clear regulatory lines for digital assets, as per reports.
Unlike Gary Gensler, who he referred to as a “consistent” hardliner pushing enforcement, O’Leary characterized Atkins as crypto-friendly and “willing to regulate accordingly.” Gensler, O’Leary added, had been explicit about his plans — “He said he was gonna sue you, and he sued you. He was consistent, and you have to respect that”.
Reflecting on his early run-in with the SEC, O’Leary said: “I was on cable TV talking about debt tokenization… I get a knock on the door and it’s an enforcement agent serving me a Wells notice.” A Wells notice is the SEC's warning that it intends to take legal action against a person.
O’Leary is also optimistic about legislation.
He anticipates that the GENIUS Act — which would limit stablecoin issuance and clarify market roles — will pass in months, followed by broader market infrastructure legislation.
O’Leary also said, “When that’s determined and regulated, Katy, bar the doors — a trillion dollars will come in and Bitcoin”
