Crypto Market Heading Towards Regulation, Says Shark Tank’s Kevin O’Leary

• Shark Tank star Kevin O’Leary recently said that the crypto market is getting “very interesting” as the recent events have provoked lawmakers to push for a solid regulatory framework.
• O’Leary believes that all unregulated crypto companies and exchanges will “go to zero” and a regulated crypto market will come out of it.
• He also mentioned the collapse of the cryptocurrency exchange FTX, which he believes was due to its FTT tokens having an unrealistic valuation on their balance sheet.

Investor and Shark Tank star Kevin O’Leary recently shared his views on the crypto market, claiming that it is getting “very interesting” as the recent events have forced lawmakers to push for a solid regulatory framework.

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. 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 investor believes 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.

O’Leary also mentioned the collapse of the cryptocurrency exchange FTX, which he believes was due to its FTT tokens having 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 donation to charity, O’Leary’s actual proceeds were closer to $8 million.

The investor believes that the crypto market is heading in the right direction, but he also warned that the market is still in its early stages and that there are still many risks associated with it. He concluded by saying that investors should be careful when entering the market and should always do their own research and study the market carefully before investing.