Why sacrificing Tornado Cash is worth it according to Kevin O’leary. “He’s messing with the primal forces of regulation.” O’Leary says regarding the developer of Tornado Cash.
O’Leary’s Opinions On Tornado Cash
These past recent weeks, the crypto community has been buzzing with the news of the U.S sanctioning the crypto-mixer Tornado Cash as well as the recent arrest of the mixers’ alleged developer.
However, where most in the community were against the banning of and arrest of Tornado Cash, Canadian businessman and entrepreneur Kevin O’Leary seems to support the end of the crypto mixer.
During a panel discussion on Crypto Banter on Saturday, O’Leary stated his opinion that crypto mixers like Tornado Cash were part of the “crypto cowboy culture” that he felt shouldn’t have a place in the industry.
He stated that in order to increase interest in crypto, there needed to be more regulations and less platforms like Tornado Cash that allowed for users to avoid these regulations.
“At the end of the day, it’s okay to arrest that guy. Why? He’s messing with the primal forces of regulation.” he says referring to the arrest of the Tornado Cash developer, “If we have to sacrifice him, that’s okay, because we want to have some stability in that institutional capital.“
“I think we’re getting to that stage now. Maybe we’re in the third or fourth inning towards that, but I’m tired of this crypto cowboy crap,” he continues, “I want to get involved in a regulated place where we can bring billions of dollars to work. I don’t need to be a crypto cowboy, and I don’t want to be one because I work in the regulated world.”
Going Against Most
As mentioned before, Kevin O’Leary’s thoughts on this matter go against most others. Many others in the crypto community have been angered at the news of the arrest of the Tornado Cash developer, arguing that Tornado Cash was simply a tool for privacy in relation to crypto transactions and that it has only been misused by criminals and hackers, like many other privacy tools.
I've spent all week on the @TornadoCash sanctions & haven't heard a satisfying justification yet.
The main argument is "criminals used it a lot." Okay, but they use everything law-abiding citizens do.
Where's the line? How slippery is this slope? The uncertainty is a step back.
— Jake Chervinsky (@jchervinsky) August 11, 2022
The idea of implementing more regulations itself is a sensitive and controversial topic in the crypto space, where many people still argue about the balance of cryptocurrency needing to be both safe as well as decentralized.