On December 14th, the U.S. Committee on Banking, Housing, and Urban Affairs met for a hearing titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers”.
The witnesses for this hearing were:
- Hilary J. Allen, Professor at American University Washington College of Law
- Kevin O’Leary, Investor
- Jennifer J. Schulp, Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute
- Ben McKenzie Schenkkan, Actor and Commentator
Kevin O’Leary was the main star of the show as he basically accused BINANCE of intentionally putting FTX out of business and essentially causing the crypto crash.
At the 50:45 minute mark of the video below, Kevin O'Leary says "one put the other out of business", referring to Binance and FTX.
He also went on to argue for stronger regulation in the cryptocurrency industry, and also said "Binance is a massive unregulated global monopoly now".
Here is the video of the hearing:
FTX is good old fashioned fraud. Mismanagement, failure of people, inadequate controls is what’s on trial. We need to regulate this business and lay digital assets on top of our existing financial framework.Cynthia Lummis, Senator of Wyoming
I do not think that Binance would have done this intentionally, but if they did I doubt they could have foreseen an aftermath like this.
If they did, then this was a catastrophic blunder by CZ and Binance.
Is Kevin O'Leary just trying to stay in the news and limelight now?
Do you agree with him that Binance cause the FTX collapse on purpose?
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