{"id":1775463,"date":"2022-12-15T06:30:28","date_gmt":"2022-12-15T11:30:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1775463"},"modified":"2022-12-15T09:47:44","modified_gmt":"2022-12-15T14:47:44","slug":"kevin-oleary-testifies-before-congress-after-endorsing-disgraced-crypto-exchange-ftx","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kevin-oleary-testifies-before-congress-after-endorsing-disgraced-crypto-exchange-ftx\/","title":{"rendered":"Kevin O\u2019Leary Testifies Before Congress After Endorsing Disgraced Crypto Exchange FTX"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkevin-oleary-testifies-before-congress-after-endorsing-disgraced-crypto-exchange-ftx%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1775463&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" class=\"ff-og-image-inserted\" style=\"display: none;\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/12\/Collage-Maker-08-Dec-2022-01.49-PM.jpg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" alt=\"image\" \/><\/div>\n<p>Celebrity investor Kevin O\u2019Leary testified before the <a href=\"https:\/\/www.dailywire.com\/topic\/u-s-senate\" target=\"_blank\" rel=\"noopener\">Senate<\/a> Banking Committee on Wednesday regarding the collapse of <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> exchange FTX, which he had promoted to the public.<\/p>\n<p>FTX filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> last month after users discovered that the company was intertwined with sister trading firm Alameda Research; both were controlled by now-broke former billionaire <a href=\"http:\/\/dailywire.com\/topic\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried<\/a> and a handful of amateur executives. O\u2019Leary, known for serving as a judge on the reality startup show \u201cShark Tank,\u201d told lawmakers in his <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/O'Leary%20Testimony%2012-14-221.pdf\" target=\"_blank\" rel=\"noopener\">opening statement<\/a> that he <a href=\"https:\/\/www.dailywire.com\/news\/kevin-oleary-says-he-fell-victim-to-groupthink-lost-all-of-his-15-million-payout-as-ftx-ambassador\" target=\"_blank\" rel=\"noopener\">lost<\/a> the approximately $15 million in digital assets and equity he earned as a spokesperson of FTX but insisted that the industry still has upside potential.<\/p>\n<p>\u201cThe collapse of FTX is nothing new. While this situation is painful for shareholders, employees, and account holders, in the long run, it does not change this industry\u2019s promise,\u201d argued the entrepreneur, who still has investments in other cryptocurrency companies. \u201cEnron came and went and had no impact on the energy markets. Bear Stearns and Lehman Brothers\u2019 demise had no impact on the long-term potential of American debt and equity markets.\u201d<\/p>\n<p>Beyond supporting efforts to create a \u201cwell-regulated stablecoin\u201d backed by the dollar, O\u2019Leary expressed support for new regulations on the broader cryptocurrency sector. \u201cThis nascent industry is culling its herd,\u201d he added. \u201cGoing or gone are the inexperienced or incompetent managers, weak business models, and rogue unregulated operators. Hopefully, these highly publicized events will put renewed focus on implementing domestic regulation that has been stalled for years.\u201d<\/p>\n<p>Jennifer Schulp, the director of financial regulation studies at the Cato Institute\u2019s Center for Monetary and Financial Alternatives, <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Schulp%20Testimony%2012-14-22.pdf\" target=\"_blank\" rel=\"noopener\">contended<\/a> that regulations should not inhibit market forces in the cryptocurrency space. \u201cWhile circumspection around a novel class of asset and technology is more than fair, it is entirely different from actively preventing individuals from accessing an instrument that approximately one in five Americans by some measures already have chosen to use for diverse purposes, from trading to sending remittances,\u201d she said.<\/p>\n<p>American University law professor Hillary Allen <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Allen%20Testimony%2012-14-22.pdf\">warned<\/a> that any regulation on cryptocurrencies should not encourage a closer link between digital assets and the banking system. Crime show actor Ben McKenzie Schenkkan, a vocal critic of cryptocurrencies, also testified before lawmakers, <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Schenkkan%20Testimony%2012-14-22.pdf\" target=\"_blank\" rel=\"noopener\">asserting<\/a> that the tokens are a \u201cpoor medium of exchange, unit of account, and store of value.\u201d<\/p>\n<p>O\u2019Leary, known for his intense skepticism of pitches presented to \u201cShark Tank,\u201d lamented during a recent <a href=\"https:\/\/www.dailywire.com\/news\/kevin-oleary-says-he-fell-victim-to-groupthink-lost-all-of-his-15-million-payout-as-ftx-ambassador\" target=\"_blank\" rel=\"noopener\">interview<\/a> that he fell victim to \u201cgroupthink.\u201d The former software entrepreneur had repeatedly lauded FTX on his social media platforms and openly expressed confidence in the company\u2019s legitimacy. Bankman-Fried solicited multiple cultural icons, including Tampa Bay Buccaneers quarterback Tom Brady and his supermodel ex-wife Gisele B\u00fcndchen, to work as brand ambassadors; many of the influencers are now the subject of a <a href=\"https:\/\/www.dailywire.com\/news\/tom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx\" target=\"_blank\" rel=\"noopener\">lawsuit<\/a> claiming that they participated in a \u201cfraudulent scheme\u201d meant to fool unsophisticated investors.<\/p>\n<p>Bankman-Fried was <a href=\"https:\/\/www.dailywire.com\/news\/breaking-democrat-megadonor-sam-bankman-fried-arrested-in-bahamas-faces-criminal-charges-in-u-s\" target=\"_blank\" rel=\"noopener\">arrested<\/a> on Monday afternoon by authorities in the Bahamas, where his companies were headquartered, under the expectation that American officials will request his extradition. The Securities and Exchange Commission has now officially <a href=\"https:\/\/www.dailywire.com\/news\/officials-charge-sam-bankman-fried-of-using-customer-funds-for-lavish-real-estate-and-large-political-donations\" target=\"_blank\" rel=\"noopener\">accused<\/a> the entrepreneur of money laundering and fraudulent behavior. A complaint from the agency alleges that he used commingled funds to make \u201cundisclosed venture investments, lavish real estate purchases, and large political donations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Celebrity investor Kevin O\u2019Leary testified before the Senate Banking Committee on Wednesday regarding the collapse of cryptocurrency exchange FTX, which he had promoted to the public.FTX filed for bankruptcy last<\/p>\n","protected":false},"author":1,"featured_media":1890723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Kevin O\u2019Leary Testifies Before Congress After Endorsing Disgraced Crypto Exchange FTX","footnotes":""},"categories":[547],"tags":[5458,4402,6987,3689,8965,4063,7334,3660,8964,3819,8643],"class_list":["post-1775463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-congress","tag-crypto","tag-disgraced","tag-endorsing","tag-exchange","tag-ftx","tag-kevin","tag-oleary","tag-report","tag-testifies"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Kevin O\u2019Leary Testifies Before Congress After Endorsing Disgraced Crypto Exchange FTX","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1775463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1775463"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1775463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890723"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1775463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1775463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1775463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}