Crypto Market at Crucial Juncture: O’Leary Calls for Regulation
• Kevin O’Leary, investor and Shark Tank star, says that the recent events in the crypto market have provoked lawmakers to push for a regulatory framework for digital assets.
• O’Leary claims that all unregulated crypto companies and exchanges will “go to zero” and a regulated crypto market will come out of it.
• He is at the center of controversy due to his connection with FTX, for which he was paid around $15 million to promote.
Investor and Shark Tank star Kevin O’Leary has said that the recent events in the crypto market have forced lawmakers to push for a solid regulatory framework for digital assets. Speaking in an interview with Kitco News on January 17, O’Leary, also known as Mr. Wonderful, said he has been coming back to the crypto markets lately.
O’Leary claimed that all unregulated crypto companies and exchanges will “go to zero” and a regulated crypto market will come out of it. He said that crypto is not bad in and of itself, rather it is all “rogue players and unregulated exchanges” and useless tokens that are to blame. He also mentioned the collapse of the cryptocurrency exchange FTX, and said that one key factor that led to the failure of FTX was its FTT tokens, which had an unrealistic valuation on their balance sheet. He added that other major global exchanges are also facing the same issue.
Notably, O’Leary has recently become the center of controversy following his connection with FTX. As reported, the famed investor was paid around $15 million to promote FTX. However, after taxes, agents fees, and a $1 million charitable donation, O’Leary only received $2.6 million from the venture. Despite the controversy, O’Leary maintains that he is still bullish on the crypto market and believes that it will eventually become regulated.
Overall, O’Leary’s comments suggest that the crypto market is at a crucial juncture, and that the introduction of a regulatory framework could be the key to its success. With the introduction of such legislation, investors and users alike would be able to have more confidence in the crypto market, allowing it to continue to grow and develop.