Kevin O’Leary’s stake in FTX International is “nothing” and he won’t invest in crypto unless one thing occurs.
In an interview with CNBC, O’Leary, a former FTX spokesman, believes institutional investors won’t participate in crypto unless laws are implemented to avoid another collapse.
“I’m a [FTX] International shareholder. Nope. I’ve made terrible investments before and probably will again. But thankfully I create more good ones than bad ones and I learn from my errors. Institutional investors won’t face a similar predicament again. We’re just not going to put money to work until this stuff is controlled. I’m only one voice, but I’ll be flying to Washington to demand regulation. Now! Don’t wait. I believe this puts huge pressure on the SEC (U.S. Securities and Exchange Commission).”
The venture investor says he’s not handling crypto again until US authorities adopt the Stablecoin Transparency Act, which he feels is a necessary first step to regulatory clarity in the field.
Senator Bill Hagerty introduced the Stablecoin Transparency Act to mandate stablecoin issuer transparency.
“Let me say this. We can’t fix every crypto asset. I want to accomplish one thing, and that one thing is to enact the Stablecoin Transparency Act. First. We may utilise the US dollar as a payment method. I would utilise it in all of my enterprises every day.”
“It’s speedier, more visible, and more auditable than ACH and SWIFT. All I need is a rule that requires an audit every 30 days and assures me short-term Treasury bills as a backup. Simple enough.”
“That would communicate to the world that the U.S. is regulating crypto and putting up guardrails. No one is going to play ball anymore in this arena on an institutional level with substantial money unless we get it done.”
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