Kevin O’Leary Says Crypto is Getting "Very Interesting" - Here's Why

cryptonews.com:

Investor and Shark Tank star Kevin O'Leary has said crypto is getting "very interesting" as the recent events have forced lawmakers to push for a solid regulatory framework.

During 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. He claimed that the recent incidents in the crypto market, including the fall of FTX, have provoked lawmakers to try to introduce a regulatory framework for these digital assets. He said:

"Crypto is getting very interesting because we are finally starting to see the bear of regulation coming into play. And I think long term that is a good thing. These hearings in the Senate have really poked the bear, as I like to say, and I’ve participated in the last hearings. When I had a chance to talk to the lawmakers, I sensed that they were frustrated now."

The billionaire 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. O'Leary said 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, a $1 million equity investment into FTX, and using $10 million to buy crypto that's now stuck on