UnusualWhales

Shark Tank investor Kevin O’Leary has revealed that his investment in FTX International has gone to “zero” and that he doesn’t want to make any more capital allocations to crypto until one thing happens.

In an interview with CNBC, O’Leary, a former paid spokesperson for FTX, says that institutional investors like himself won’t be engaging in crypto investments until regulations are set to prevent the next FTX meltdown.

“Yes I’m a shareholder in [FTX] International. That’s a zero. It’s not the first time I’ve made a bad investment, probably not the last time. But luckily I make more good ones than bad ones and I learn from my mistakes. What’s going to happen now is there won’t be another situation like this for institutional investors ever again. We’re simply not going to put capital to work until this stuff gets regulated. What is occuring – and I’m just one voice in it – what I’m going to be doing, is I’m going to fly to Washington and I want regulation. I want it now. No more delaying. I think this puts tremendous pressure on the SEC (U.S. Securities and Exchange Commission).”

The venture capitalist says he’s not touching crypto again until US officials pass the Stablecoin Transparency Act, which he believes is a critical first step to regulatory clarity in the space.