Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says US crypto regulations won’t be revealed until after the midterm election. He explained that President Joe Biden is “not interested in discussing cryptocurrency” when his approval ratings have dropped to a record low. O’Leary also quoted Other factors, including double-digit inflation and higher food and gas prices.
Kevin O’Leary, Biden’s Policy on Crypto Regulation
Shark Tank star Kevin O’Leary talks about bitcoin and cryptocurrency regulation in an interview with Stansberry Research published on Friday.
He was asked how far the US Securities and Exchange Commission (SEC) is from approving spot bitcoin exchange-traded funds (ETFs).
“It’s too far,” O’Leary replied. “It’s not like what is going to happen first. I think the first thing that will happen is that we will see policy on stablecoins.” He cited two bills that have been proposed to regulate stablecoins. One was introduced by Senator Bill Haggerty and the other by Senator Pat Tommy.
Noting that it would be easier to pass a bill on stablecoins after the midterm elections, he emphasized:
Nothing is going to happen after the medium term. Biden has no interest in discussing crypto when his poll rating is, you know, sub-31% whatever it is. This isn’t where he wants to go, so you’ll have to wait until after midterm.
Mr Wonderful said that when Biden issued an encouraging executive order on crypto, his ratings were high. A new poll shows that President Joe Biden’s approval rating fell to the lowest point of his presidency in May; Only 39% of American adults approve of his performance as president.
America’s midterm elections are scheduled for November 8. If the Republican Party gains control of one or both houses, it will have the power to thwart the president’s plans.
O’Leary explained that crypto “isn’t one of those issues, when you’re down in polls, you become a champion. It doesn’t help you.”
Noting that “the market is turning right… over the past 20 years people have been getting gas at the pump, in driving season, at prices unheard of. Protein costs range from 20% to 40%,” the Shark Tank star said. said:
Biden is facing double-digit inflation… he’s not sitting around worrying about crypto.
In addition, O’Leary pointed out that there are many different proposals coming from the SEC around climate change, crypto and bitcoin mining. “So it’s a very volatile situation right now,” he said.
Mr Wonderful was also asked whether he thinks this crypto winter will be long and where the market will go now.
“Forecasts for bitcoin have never been accurate. No one has been able to predict its volatility,” he said. “And you know, the speculation that it was going to be a hedge against inflation was absolutely wrong. .” He continued:
I would argue that the volatility of bitcoin will remain the same as in the first 15 years of Amazon – a 30% to 50% correction every 12 months.
He cited the reason as “there was no institutional support in the early days of Amazon.” The Shark Tank star insisted: “The same is true for bitcoin… people talk about institutions owning it. That’s not true. They don’t own it and they won’t until then.” Until the SEC rules it out.”
What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.
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