Kevin O'Leary's Interest in Crypto Grows as Regulatory Framework Takes Shape

Kevin O'Leary, a well-known investor and television star on the show 'Shark Tank', has recently expressed excitement for the growing cryptocurrency sector. He believes that the current circumstances surrounding crypto has forced legislators to create strong and reliable regulations, making crypto 'very interesting'. O'Leary, otherwise known as Mr. Wonderful, revealed to Kitco News in an interview on January 17 that he has returned to the crypto markets. According to him, recent

events like the downfall of FTX have motivated authorities to create regulation for digital assets. He explained, "Crypto is getting very interesting because we are starting to see legislators imposing regulations. I love to say that the recent hearings in the Senate have awoken the bear - I was involved in the hearings and the lawmakers seemed to be quite aggravated.

The billionaire stated that, due to the existence of rogue players and unregulated exchanges as well as useless tokens, all unregulated crypto companies and exchanges will eventually 'go to zero'. However, he asserted that crypto itself is not the problem, but that a regulated crypto market would emerge from this situation.

O'Leary discussed the downfall of the cryptocurrency exchange FTX, outlining that one of the contributing factors was its over-valued FTT tokens on its balance sheet. In addition, he elaborated that several of the other prominent exchanges around the world have encountered this same issue.

Recently, there has been much controversy surrounding investor Kevin O'Leary and his involvement with FTX. According to reports, he was given a payment of around $15 million to endorse the business, yet after taxes, making agents' fees, an equity investment of $1 million into FTX, and spending $10 million to get crypto on the FTX exchange, he was left with no gains from the contract.

Last November, FTX filed for bankruptcy in Delaware, prompting widespread speculation about the well-being of the company. Subsequently, investors have sued Bankman-Fried, the former CEO, as well as several influential people who promoted the platform, including Kevin O’Leary, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, and Naomi Osaka.