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Yahoo
10 hours ago
- Business
- Yahoo
‘All the crypto cowboys are gone': Kevin O'Leary says the sector is safe now and is backing stablecoins
Despite big bets by financial giants like BlackRock, many investors still have trouble taking cryptocurrency seriously. And it's not just the memes and quirky fans pushing people away. In 2022, about 8% of U.S. adults called cryptocurrency the best long-term investment around. That number has been cut in half ever since the collapse of crypto exchange FTX wiped out nearly $9 billion in customer funds. Now, just a few years later, crypto bull Kevin O'Leary says those kinds of debacles are a thing of the past. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) 'All the crypto cowboys are gone. They're all gone. They're all in jail, they're felons, or whatever it is,' he told the press in mid-May at the Consensus cryptocurrency conference in Toronto. 'They were the pioneers (but) they've got arrows in their backs … They didn't play by the rules. And the regulators proved who won that fight.' Mr. Wonderful says he has reserved nearly 20% of his portfolio for crypto-related assets, including stablecoins, tokens and exchanges. His confidence is infectious, but curious investors still have to ask: Is the sun really setting on the Wild West era? O'Leary is intimately familiar with crypto scams. He was a paid spokesman for FTX, and he claims the entire fiasco cost him millions. 'Now that that's over, we can move ahead, and I think everyone understands the potential of this market,' he said. While O'Leary likely didn't mean to imply all crypto scams are finished — he seemed to be referring to embezzlement and fraud at trusted firms like FTX — he's optimistic about the impact of two bills coming before Congress. One is the GENIUS Act, which would require stablecoin issuers to hold a 1:1 reserve of cash or another liquid asset, amid other protections. Stablecoins are a type of cryptocurrency that is pegged to another asset, usually the U.S. dollar. That's why these digital currencies are considered more 'stable' than other cryptocurrencies like Bitcoin. Proponents like O'Leary believe they will make global digital payments faster and cheaper. The other piece of legislation is the market infrastructure bill that would define each individual asset as a security or commodity so that the appropriate regulator — either the Commodity Futures Trading Commission or the Securities and Exchange Commission — can oversee it. Coinbase CEO Brian Armstrong blamed the FTX debacle on 'the lack of regulatory clarity here in the U.S.' forcing American investors to use an exchange based in the Bahamas. Ripple CEO Brad Garlinghouse agreed: 'Brian is right — to protect consumers, we need regulatory guidance for companies that ensures trust and transparency. There's a reason why most crypto trading is offshore — companies have 0 guidance on how to comply here in the U.S.' But if Congress's new regulations don't end up being strong enough, they may just provide a veneer of legitimacy. 'While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all,' Sen. Elizabeth Warren said of the GENIUS Act. Safety also relies on consistent enforcement, and the Trump administration has made a number of turbulent changes as it tries to make the U.S. the 'crypto capital of the planet.' Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it On stage at another crypto conference, Vice President JD Vance recently promised, 'We fired Gary Gensler — and we're going to fire everyone like him.' Gensler was the last chair of the SEC, and in the absence of laws and regulations governing crypto, he strove to make the space safer for investors by suing companies for apparent wrongdoing. Under new management, the agency reportedly moved its top crypto litigator to the IT department and has dropped cases against several major crypto firms. The Justice Department has disbanded its National Cryptocurrency Enforcement Team and told prosecutors to only focus crypto investigations on drug cartels and terrorist groups. The Labor Department has told employers that they no longer have to exercise "extreme care' before they consider adding a cryptocurrency option to a 401(k) menu. Other regulators like the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have also rescinded crypto guidance. As advocates for light and heavy regulation compete to push the sector forward in their own ways, critics are pointing out the potential dangers of an unleashed crypto industry on financial stability. 'Stablecoin legislation risks sowing seeds of a financial crisis,' said Alexandra Thornton, the senior director for financial regulation policy at the Center for American Progress, in an op-ed for Fortune. 'Stablecoins were supposed to leverage dollars to stabilize the chaotic universe of crypto. Instead, they seem set to infect the dollar-dominated financial system with the unique combined chaos of crypto and Mr. Trump,' wrote former Bank of England economist Dan Davies and Johns Hopkins professor Henry J. Farrell in an op-ed for The New York Times. 'The GENIUS Act folds stablecoins directly into the traditional financial system, while applying weaker safeguards than banks or investment companies must adhere to,' said Sen. Warren in her speech on the Senate floor. 'Make no mistake. We are likely to see another financial crisis in the coming years.' Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
New Indian Express
2 days ago
- Entertainment
- New Indian Express
Julia Garner and Anthony Boyle to star in Netflix's The Altruists
Julia Garner will continue to come for your money in a recurring collaboration with Netflix after Ozark and Inventing Anna in The Altruists. In the new limited series, she will star alongside Anthony Boyle (Masters of the Air) as the lead. The eight-episode limited series is based on the crypto fraud committed by Sam Bankman-Fried, a man who was once dubbed the poster boy of crypto, and Caroline Ellison, who will be played by Anthony Boyle and Julia Garner, respectively. In 2022, Bankman-Fried was arrested in the Bahamas and subsequently extradited to the US to face charges of fraud committed through his cryptocurrency exchange and hedge fund company, FTX. Ellison was also arrested for fraud.
Yahoo
2 days ago
- Business
- Yahoo
FTX Commences Second Distribution of More than $5 Billion to Convenience and Non-Convenience Classes
Customers in Second Distributions Expected to Receive Funds within 1-3 Business Days Subsequent Record and Payment Dates to be Announced in Due Course WILMINGTON, Del., May 30, 2025 FTX Trading Ltd. (d/b/a. and the FTX Recovery Trust (collectively "FTX") today announced that FTX has commenced the distributions of recoveries to holders of allowed claims in FTX's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements (the "Second Distribution"), consistent with FTX's Chapter 11 Plan of Reorganization (the "Plan"). Eligible creditors should expect to receive funds from their selected distribution service provider (a "Distribution Service Provider"), either Bitgo or Kraken, within 1 to 3 business days from May 30, 2025. Subsequent record and payment dates will be announced in due course. In the Second Distribution, in accordance with the waterfall priorities set forth in the Plan: Allowed Class 5A Dotcom Customer Entitlement Claims are receiving a 72% distribution; Allowed Class 5B U.S. Customer Entitlement Claims are receiving a 54% distribution; Allowed Classes 6A General Unsecured Claims and 6B Digital Asset Loan Claims are each receiving a 61% distribution; and Allowed Class 7 Convenience Claims are receiving a 120% distribution. John J. Ray III, Plan Administrator of the FTX Recovery Trust, said: "Today's announcement represents continued progress returning cash to FTX's customers and creditors. I am proud of the outstanding success of the recoveries to date. Our work continues on recovering more for creditors and resolving outstanding claims." To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to the distribution record date: Login to the FTX Customer Portal ( (applicable to customers). Complete required Know Your Customer ("KYC") verification. Submit the required tax forms. Onboard with either BitGo or Kraken, FTX's Distribution Service Providers. FTX will provide instructions for onboarding with each of the Distribution Service Providers on the existing FTX Customer Portal. Phishing Advisory Reminder Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal ( This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at FTX Digital Markets Ltd. ("FTX DM") will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. Advisors FTX is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. View original content to download multimedia: SOURCE FTX Sign in to access your portfolio
UPI
2 days ago
- Entertainment
- UPI
Julia Garner, Anthony Boyle to star in Netflix's 'The Altruists'
1 of 2 | Julia Garner is set to star in "The Altruists" for Netflix. File Photo by Jim Ruymen/UPI | License Photo May 30 (UPI) -- Ozark alum Julia Garner and Manhunt actor Anthony Boyle have signed on to star in Netflix's limited series, The Altruists. Garner will play Caroline Ellison and Boyle will portray Sam Bankman-Fried in the fact-based drama. "Two hyper-smart young idealists try to remake the global financial system in the blink of an eye... only to seduce each other into stealing $8 billion," the streaming service said. James Ponsoldt -- whose credits include Shrinking and The Spectacular Now -- is to direct and executive produce the first episode. Ellison was sentenced in 2024 to two years in prison after she became a key government witness legal proceedings related to the collapse of the cryptocurrency exchange FTX. Bankman-Fried is serving a 25-year prison sentence for various financial fraud crimes. Julia Garner and Anthony Boyle will portray Caroline Ellison and Sam Bankman-Fried in the new limited series The Altruists. Two hyper-smart young idealists try to remake the global financial system in the blink of an to seduce each other into stealing $8 billion. Netflix (@netflix) May 29, 2025
Hypebeast
3 days ago
- Business
- Hypebeast
Anthony Boyle and Julia Garner Cast in Netflix's FTX Series 'The Altruists'
Summary Netflixhas greenlitThe Altruists, an eight-episode limited series delving into the dramatic rise and fall of theFTXcryptocurrency exchange, withJulia Garnerand Anthony Boyle confirmed to star in the leading roles. Julia Garner, fresh off her acclaimed roles inOzarkandInventing Anna, will portray Caroline Ellison, the former CEO of Alameda Research, the cryptocurrency trading firm co-founded bySam Bankman-Fried. Anthony Boyle, known forMasters of the AirandSay Nothing, will take on the role of FTX founder Sam Bankman-Fried. The series' logline sets a compelling stage, 'The story of Sam Bankman-Fried and Caroline Ellison, two hyper-smart, ambitious young idealists who tried to remake the global financial system in the blink of an eye — and then seduced, coaxed, and teased each other into stealing $8 billion.'The Altruistsis a project from Higher Ground, the production company founded by Barack and Michelle Obama, underscoring Netflix's commitment to high-profile, real-life dramas. Co-showrunners Graham Moore and Jacqueline Hoyt will executive produce the series, which is expected to offer an in-depth look at the complex events surrounding FTX's implosion and the figures at its center. A release date forThe Altruistshas not yet been announced, but it is expected to hit screens in late 2026.
