Kevin O Leary, Anthony Scaramucci discuss FTX bankruptcy, how the sector works

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Kevin O Leary, Anthony Scaramucci discuss FTX bankruptcy, how the sector works

Both Kevin O Leary and Anthony Scaramucci have close relationships with former FTX CEO and co-founder Sam Bankman- Fried. The two spoke about what happened with FTX and its bankruptcy and what could be coming soon while speaking at Benzinga's Future of Cryptocurrencies event in New York City on Wednesday.

Kevin's entry to cryptocurrencies: O Leary has been an investor for decades, with experience in stocks and investing in private companies.

When the Canadian regulators got involved and allowed the firstETF, the CEO said he began investing in cryptocurrencies. O Leary said this signaled a change in the sector.

O Leary said that I was not a fan during the tokenization period.

O Leary said 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 sector of criptocurrencies.

Scaramucci's relationship with Sam Bankman-Fried: FTX invested $45 million in Skybridge Capital, a company co-founded by Scaramucci.

Sam Scaramucci said we took an investment in.

Scaramucci said his company got $45 million in U.S. dollars and was asked to put $10 million into the FTX Token FTT USD as a sign of good faith.

Scaramucci said that he got involved in cryptocurrencies because he invests and stays in things that work.

Scaramucci told the crowd that they just want to blame Kevin for getting me into FTX.

What is next for Cryptocurrency: O Leary believes that more regulation is needed for the market, with other countries like Canada, Switzerland and the United Kingdom far ahead of the U.S.

I think it is 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 the sector, such as the Nasdaq and the New York Stock Exchange.

We just have to apply it to these exchanges because they have rules. Scaramucci said that many people thought the internet was a fad, but it got adopted.

Scaramucci said you have to think long-term about this stuff.

Scaramucci said there were once charlatans and fraudsters in industries like the railroad, phones and the internet.

Kevin said that the product works. You have to see yourself through the sh t storm. O Leary argued for regulation within the criptocurrency industry.

He said there are two separate bills and we need to get one passed.

When those things get cleared up, it's likely that it will 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.