### Kevin O'Leary testified before the Senate on December 14, 2022. When asked why FTX failed, Kevin O'Leary offered his opinion that Binance put FTX out of business. O'Leary presented no evidence to support his ideas. 

Kevin O'Leary recently admitted on CNBC that he was contracted by FTX to be a spokesperson. His contract was for a gross amount of $15M. The entire net amount he received was invested in FTX stock and in cryptocurrencies held by FTX. 

Today, he believes he may have lost it all. Kevin, however, believes that there still may be a way to get his money back and is not yet ready to blame Sam Bankman-Fried (SBF) until after an investigation. 

Kevin's position has become a hot topic among crypto currency users with many wondering why he seems to be defending SBF in his interviews. In the Senate hearing, United States Senator Patrick Toomey Jr., asked Kevin "why do you believe FTX failed." 

Kevin qualified his answer before giving it: "I have an opinion. I don't have the records." Then he went on to say: "These two behemoths that own the unregulated market together and released incredible businesses in terms of growth, were at war with each other. And the one put the other out of business, intentionally." Kevin further clarified that "[M]aybe there's nothing wrong with that." 

Then, he made his position against Binance very clear: "Binance is a massive unregulated global monopoly now." "They put FTX out of business." 

From the entirety of Kevin's testimony. It is clear that he remains pro-crypto currency and is visibly interested in ensuring that the United States is aware that there is a risk in "not investing in crypto currency." 

He seems to imply that it would be a mistake for the United States government to discourage investment in cryptocurrencies. It further appears that Kevin is worried about a non-US entity gaining the benefits of a monopoly in the emerging, but disruptive crypto currency industry. 

A copy of the written testimony submitted by Kevin can be read [here](https://www.banking.senate.gov/imo/media/doc/O'Leary%20Testimony%2012-14-221.pdf). 

Kevin O'Leary testified before the Senate on December 14, 2022. When asked why FTX failed, Kevin O'Leary offered his opinion that Binance put FTX out of business. O'Leary presented no evidence to support his ideas. 

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