As another silver lining, O’Leary said the exchange’s blowup is pressuring regulators to provide clearer industry guidelines going forwards. For example, key pieces of crypto legislation – such as the Digital Commodity Act – are getting new focus after remaining stagnant in congress.In the meantime, the investor plans to remove all of his assets from unregulated exchanges and move them to a regulated Canadian exchange called Bitbuy.
“You are going to see billions of dollars leave unregulated and exchanges looking for somewhere in the world where they can be put safely. That, right now, is Canada.” Unlike the United States, Canada was the first country in the world to approve a Bitcoin Spot ETF, which accurately tracks the spot price of Bitcoin. It has sinceEven after his losses, Mr. Wonderful maintains that FTX’s former CEO, Sam Bankman-Fried, doesn’t have an “evil bone in his body.”
“You can love him or hate him given what’s happened, but I think we can all admit he was one of the most brilliant traders in the crypto universe,” he said. When asked if he would back Bankman-Fried in a hypothetical new crypto venture, O’Leary said he would as long as the former billionaire had only “trading control” of assets, unlike “operational control.” Overall he maintained that the crypto tycoon is an “unusual one percent person” in understanding how digital assets work.
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