{"id":1777260,"date":"2022-12-16T08:47:54","date_gmt":"2022-12-16T13:47:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1777260"},"modified":"2022-12-16T08:47:57","modified_gmt":"2022-12-16T13:47:57","slug":"elizabeth-warren-and-kevin-oleary-clash-on-regulating-crypto","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-and-kevin-oleary-clash-on-regulating-crypto\/","title":{"rendered":"Elizabeth Warren And Kevin O\u2019Leary Clash On Regulating Crypto"},"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\">18<\/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%2Felizabeth-warren-and-kevin-oleary-clash-on-regulating-crypto%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=1777260&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--><p>Sen. <a href=\"http:\/\/dailywire.com\/topic\/elizabeth-warren\" target=\"_blank\" rel=\"noopener\">Elizabeth Warren<\/a> (D-MA) and celebrity investor Kevin O\u2019Leary clashed during a Wednesday hearing of the <a href=\"https:\/\/www.dailywire.com\/topic\/u-s-senate\" target=\"_blank\" rel=\"noopener\">Senate<\/a> Banking Committee discussing new federal regulations on <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> following the collapse of digital asset exchange FTX.<\/p>\n<p>The company 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 learned that the venture\u2019s assets were commingled with sister firm Alameda Research; both were controlled by Sam Bankman-Fried, who 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> this week in his luxury apartment in the Bahamas and charged by American officials with various types of fraud.<\/p>\n<p>Warren, a longtime skeptic of the nascent cryptocurrency industry, remarked that criminals and state sponsors of terror use the tokens for money laundering. She <a href=\"https:\/\/www.warren.senate.gov\/newsroom\/press-releases\/icymi-at-hearing-warren-warns-about-cryptos-use-for-money-laundering-by-rogue-states-terrorists-and-criminals\" target=\"_blank\" rel=\"noopener\">asked<\/a> O\u2019Leary whether \u201cthe potential benefits of crypto are so promising that we should accept weaker anti-money laundering rules and weaker compliance from crypto firms than we require from banks,\u201d causing the \u201cShark Tank\u201d personality to balk.<\/p>\n<p>\u201cNo, I think we should apply the same regulatory structure that we apply to existing trading of stocks and bonds. An exchange is tied to broker-dealers,\u201d he replied. \u201cThat is not complicated; it\u2019s already been implemented in other countries. And so and I take issue, senator, with your concept that it makes it easier to do money laundering. Currencies have been used for drug trafficking schemes since the sixties and the American dollar when it was thrown out of a Piper aircraft in a duffel bag. The American dollar is also used by bad actors all the time.\u201d<\/p>\n<p>Warren stressed that she believes \u201cthe same rules against money laundering\u201d should apply to \u201ccrypto in the way that they apply to banks, to stockbrokers, to credit card companies.\u201d O\u2019Leary responded that investors can solve the problem of money laundering \u201covernight\u201d if they know \u201cclient rules on both sides of the transaction and use a crypto such as USDC that is regulated.\u201d<\/p>\n<p>O\u2019Leary was paid more than $15 million in equity and digital assets to serve as a celebrity brand ambassador for FTX; the entrepreneur 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 succumbed to \u201cgroupthink.\u201d He <a href=\"https:\/\/www.dailywire.com\/news\/kevin-oleary-testifies-before-congress-after-endorsing-defunct-crypto-exchange-ftx\" target=\"_blank\" rel=\"noopener\">testified<\/a> before members of the Senate that he expects to lose the entire compensation package, even though he believes the industry 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 asserted 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>O\u2019Leary is one of several celebrities who were hired by Bankman-Fried in a <a href=\"https:\/\/www.dailywire.com\/news\/attorney-overseeing-ftx-bankruptcy-testifies-before-congress-grossly-inexperienced-people-ran-company-went-on-5-billion-spending-binge\" target=\"_blank\" rel=\"noopener\">marketing blitz<\/a> that occurred as the company became increasingly strapped for cash. The would-be cryptocurrency wunderkind 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 defendants in 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> asserting that they participated in a \u201cfraudulent scheme\u201d designed to fool unsophisticated investors.<\/p>\n<p>A complaint from the Securities and Exchange Commission against Bankman-Fried alleges that he <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\">used<\/a> commingled funds for \u201cundisclosed venture investments, lavish real estate purchases, and large political donations.\u201d The disgraced startup founder, who has been denied bail due to the flight risk he poses, could <a href=\"https:\/\/www.dailywire.com\/news\/criminal-charges-against-democrat-megadonor-sam-bankman-fried-unsealed-faces-life-in-prison-denied-bail\" target=\"_blank\" rel=\"noopener\">spend<\/a> more than a century in prison if convicted on all counts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Elizabeth Warren (D-MA) and celebrity investor Kevin O\u2019Leary clashed during a Wednesday hearing of the Senate Banking Committee discussing new federal regulations on cryptocurrency following the collapse of digital asset exchange FTX. The company filed for bankruptcy last month after users learned that the venture\u2019s assets were commingled with sister firm Alameda Research; both &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1777263,"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":"","footnotes":""},"categories":[541],"tags":[5673,6987,6202,3880,3660,8964,9562,3883,6195],"class_list":["post-1777260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-clash","tag-crypto","tag-daily","tag-elizabeth","tag-kevin","tag-oleary","tag-regulating","tag-warren","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1777260","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1777260"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1777260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1777263"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1777260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1777260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1777260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}