According to Kevin O’Leary, who stated that more regulation is required and that “crypto cowboys” like Alexey Pertsev, the developer of Tornado Cash, should be sacrificed to provide stability to institutional inflows, it is worth it to sacrifice Tornado Cash. Alexey Pertsev is the person who developed Tornado Cash.
Kevin O’Leary, the host of the television show Shark Tank and a wealthy venture investor, stated that Tornado Cash and other services like it are preventing genuine institutional money from entering the industry. As a result, it is necessary to crack down on cryptocurrency apps that mess with the fundamental forces of regulation.
It Is Well Worth It To Give Up Your Tornado Cash.
During a discussion on Crypto Banter on Saturday, O’Leary, who is also known by his stage name Mr. Wonderful, asserted that applications such as the Ethereum-based cryptocurrency mixer Tornado Cash are illustrations of a “crypto cowboy” attitude that has no place in the industry and that he found objectionable.
Kevin O’Leary, on the other hand, is of the opinion that the cryptocurrency business need a “rules-based framework” in order to successfully attract true institutional capital. Targeting protocols like Tornado Cash, which give users the ability to conduct anonymous transactions and are typically utilized for unlawful behavior, needs to be a significant component of this regulation.
Throughout the entirety of the discussion on the arrest of Alexey Pertsev, the guy responsible for the creation of Tornado Cash, O’Leary remained steadfast in his position, saying:
At the end of the day, it is acceptable to place that individual under arrest. Why? He is interfering with the fundamental dynamics that govern regulation […] If we have to sacrifice him, that is alright, because we want some stability in that institutional capital.”
“I believe that we have reached that stage at this point. I don’t know if we’re in the third or fourth inning of getting there, but I’m sick of hearing about crypto cowboy nonsense. I want to be a part of something that is controlled and where we can put billions of dollars to work. Because I work in the regulated sector, it’s not necessary for me to be a crypto cowboy, and I don’t want to be one either.
However, not everyone agrees with O’Leary’s point of view. They were outraged by the sanctions imposed on Tornado Cash by the US government, and they did not sit idly by while it happened. Many prominent crypto personalities who support the necessity for fundamental privacy rights on decentralized networks were outraged by the sanctions, and they did not sit idly by while it happened. A good number of them pounced at the opportunity to argue the requirement for fundamental privacy rights on decentralized networks.