Benzinga - Both Kevin O’Leary and Anthony Scaramucci share relationships with former FTX CEO and co-founder Sam Bankman-Fried in common. The two spoke of what happened with FTX and its bankruptcy and what could be coming soon while speaking at Benzinga’s Future of Crypto event in New York City on Wednesday.
Kevin’s Entry to Crypto: O’Leary has been an investor for decades, with experience in stocks and investing in private companies.
The CEO of said he began investing in cryptocurrency when the Canadian regulators got involved and allowed the first ETF. O’Leary said this signaled a change in the sector.
“I was not a fan during the tokenization period,” O’Leary said.
O’Leary added that things had to be compliant, otherwise you couldn’t go there with an investment. He said he became an investor in Bitbuy, one of the first Canadian companies to be regulated in the cryptocurrency sector.
“The regulatory changed, so I changed.”
Scaramucci’s Relationship With Sam Bankman-Fried: FTX invested $45 million in Skybridge Capital, a company co-founded by Scaramucci.
“We took an investment in from Sam” Scaramucci said.
Scaramucci said his company got $45 million in U.S. dollars and was asked to put $10 million into the FTX Token (CRYPTO: FTT) as a sign of good faith.
“We bought $10 million in that token.”
Scaramucci said he got involved in cryptocurrency as he invests and stays in things that work.
“I just want to blame Kevin for getting me into FTX,” Scaramucci told the crowd with a laugh.
Related Link: Exclusive: 'Scrape The Plate Clean' Shark Tank Investors Weigh In On Elon Musk's Twitter Purchase
What’s Next for Crypto: O’Leary argued that more regulation is needed for the cryptocurrency market, with other countries like Canada, Switzerland and the United Kingdom far ahead of the U.S.
“I think it’s to our detriment, we’ve lagged here,” O’Leary said.
O’Leary said we have regulations for exchanges like the Nasdaq and New York Stock Exchange and asked why we don’t have regulations for cryptocurrency companies and the sector.
“Those have rules, we just have to apply it to these exchanges.”
Scaramucci argued that many people once thought the internet was a fad, but it got adopted.
"You have to think long-term about this stuff," Scaramucci said.
Scaramucci said that there were once charlatans and fraudsters in industries like the railroad, phones and the internet.
“I’m with Kevin, the product works. You have to see yourself through the sh*t storm.”
Needed Regulation: O’Leary has argued for regulation within the cryptocurrency industry.
He said there are two separate bills, and we need to get one passed.
“When those things get cleared up it will likely be ten coins, and I’ll invest in all of them, the rest are as they say sh*tcoins, and they’ll go to zero,” O’Leary said.
For the event's livestream, CLICK HERE or watch below.
Read Next: Kevin O'Leary On Why Blockchain Will Reveal Truth Behind FTX Collapse
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.