Sen. Elizabeth Warren, celebrity investor Kevin O’Leary clash over cryptocurrency, money laundering
Massachusetts Sen. Elizabeth Warren got into a back-and-forth with FTX paid spokesman Kevin O’Leary during a hearing Wednesday over whether cryptocurrency facilitates money laundering.
FTX paid spokesman and multimillionaire investor Kevin O'Leary defended cryptocurrency from skeptical lawmakers at a Senate Banking Committee hearing Wednesday, at one point getting into a back and forth with Massachusetts Democratic Sen. Elizabeth Warren over regulations to prevent money laundering.
Warren, a Wall Street hawk and fierce critic of digital currencies, has introduced a bill to crack down on money laundering and financing of terrorist organizations through cryptocurrency.
At Wednesday's hearing, she pressed O'Leary on whether the crypto industry should continue to be unregulated compared to other banks and financial services providers.
"Mr. O'Leary, I know that you are a big supporter of crypto even after you lost $10 million in FTX's collapse. But you are an experienced investor," Warren said. "So, let me ask you, do you believe that the 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, from brokers and from Western Union?"
IN FTX HEARING. ‘THE OC’ ACTOR SCHENKKAN RIPS CRYPTOCURRENCY AS ‘LARGEST PONZI SCHEME IN HISTORY’