Shark Tank star Kevin O’Leary, aka Mr. Fantastic says U.S. regulations on crypto will not be published until after the midterm election. He explained that President Joe Biden “is not interested in discussing crypto” when his approval ratings have sunk to record lows. O’Leary also cited Other factors include double-digit inflation, high gas and food prices and high food costs.
Kevin O’Leary on Crypto Regulation, Biden’s Policy
Shark Tank star Kevin O’Leary talked about bitcoin and cryptocurrency regulation in an interview with Stansberry Research, published Friday.
When was the U.S. Securities and Exchange Commission going to approve a spot Bitcoin exchange-traded funds (ETF)?
“It’s a long way away,” O’Leary replied. “That’s not what’s going to happen first. I think what’s going to happen first is we are going to see policy on stablecoins.” He cited two bills that have been proposed for the regulation of stablecoins. Both were introduced by Senator Bill Hagerty while the other was made by Senator Pat Toomey.
He noted that it will not be difficult to pass a bill regarding stablecoins after midterm elections.
Nothing’s gonna happen until after the midterms. Biden won’t discuss crypto when his poll ratings were, well, whatever it may be, below 31%. That’s not a place where he wants to go, so you’re gonna have to wait until after the midterms.
Mr. Wonderful observed that Biden’s approval rating was higher when he issued his encouraging executive order regarding crypto. A new poll shows that President Joe Biden’s approval rating dipped to the lowest point of his presidency in May; only 39% of U.S. adults approve of his performance as president.
November 8th is the date for U.S. midterm election. If the Republican Party gains control of either or both chambers, it will have the power to thwart the president’s plans.
O’Leary explained that crypto is not one of the “issues that when you are declining in the polls, you become a champion of. That doesn’t help you.”
Noting that “The market is correcting … People are getting gas at the pump, going to the driving season, at unheard-of prices the last 20 years. The price of protein’s up 20% to 40%,” the Shark Tank star said:
Biden’s facing close to double-digit inflation … He’s not sitting around worrying about crypto.
In addition, O’Leary described that there are a lot of different proposals coming out of the SEC around climate change, crypto, and bitcoin mining. “So it’s a very volatile situation right now,” he said.
Mr. Also, Wonderful was asked by Mr.
“The forecasts for bitcoin have never been accurate. No one’s been able to forecast its volatility,” he opined. “And you know, the speculation that it was going to be a hedge against inflation was just flat out wrong.” He continued:
I’d argue that the volatility of bitcoin is going to remain very akin to what Amazon was for the first 15 years — 30% to 50% corrections every 12 months.
He explained the reason was that “There was no institutional support in the early days of Amazon.” The Shark Tank star asserted: “That’s the same right now for bitcoin … People talk about institutions owning it. That’s just not true. They don’t own any of it and they won’t until the SEC rules on it.”
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