Kevin O’Leary Reveals His Investment In FTX Went To Zero
The Shark Tank investor and billionaire Kevin O’Leary revealed in a recent interview that his investment into crypto exchange FTX had “gone to zero” after the platform faced liquidity issues and most recently announced its bankruptcy filing.
O’Leary’s FTX Investments
In a recent interview with CNBC, the billionaire admits that he has lost a lot investing into FTX, saying that although it’s not the first time he’s made a bad investment, FTX serves as learning material for him to choose more wisely in the future.
“Yes I’m a shareholder in [FTX] International. That’s a zero. It’s not the first time I’ve made a bad investment, probably not the last time. But luckily I make more good ones than bad ones and I learn from my mistakes.” O’Leary says.
He then goes on to talk about how as an institutional investor, the fall of FTX has made him more wary. He claims that institutional investors like himself will learn from this, and most likely won’t go near crypto until better regulations are implemented within the industry.
“What’s going to happen now is there won’t be another situation like this for institutional investors ever again. We’re simply not going to put capital to work until this stuff gets regulated. What is occurring – and I’m just one voice in it – what I’m going to be doing, is I’m going to fly to Washington and I want regulation. I want it now. No more delaying. I think this puts tremendous pressure on the SEC.“
Stablecoin Transparency Act
O’Leary then goes on to talk about the newest upcoming regulation proposed for digital currencies, the Stablecoin Transparency Act.
Multiple times in the past, Kevin O’Leary has made it clear that he is in full support of the Stablecoin Transparency Act coming into effect, claiming that this new regulation for Stablecoins will be the first step in helping other digital currencies like Bitcoin to gain proper and clear regulations.
“I want to do one thing, and that one thing is to pass the Stablecoin Transparency Act.” he continues, “Because that allows us to use the US dollar as a payments system. I would use that in all of my businesses every day.“
“That would signal to everybody around the world that the regulators here in the United States are taking crypto on, starting to put rules in place, putting the guardrails on. No one is going to play ball anymore in this space on an institutional level with serious capital till we get it done.“