In an interview with Kitco News, Shark Tank star Kevin O’Leary talks about the crypto market meltdown and its regulation.
Kevin was asked if another crypto meltdown will happen just like FTX. To this, he replied absolutely 100% it’ll happen.
On crypto regulations, he said that it’s not going to change fraud, it’s just going to make it much easier for people to understand what the rules are.
He said that crypto is getting very interesting because of the bear of regulations which are coming into play.
He also described conversations with lawmakers and sensed that they were tired of having these hearings every six months, every time one of these cryptocurrency companies explodes to zero.
He cited that the main factor in FTX's failure was the FTT token, which had an unrealistic valuation on its balance sheet.
Recently, Kevin O'Leary has been at the centre of controversy following his relationship with FTX. As previously reported, he was paid around $15 million to promote FTX.