Kevin O’Leary at the New York Academy of Art in 2019.
Despite big bets of financial giants like Blackrock, many investors are still struggling to take cryptocurrency seriously. And it is not only the memes and the original fans who repel people.
In 2022, about 8% From the United States, adults have called cryptocurrency the best long-term investment around. This number has been reduced in two since the collapse of Crypto Exchange FTX has wiped out nearly $ 9 billion in customer funds.
Now, a few years later, the Crypto Bull Kevin O’Leary says that this kind of debacle belongs to the past.
“All Cowboys Crypto have disappeared. They all left. They are all in prison, they are criminals or anything,” he told the press in mid-May at the Consensus cryptocurrency conference in Toronto.
“They were the pioneers (but) they have arrows in the back … They did not respect the rules. And the regulators proved who won this fight.”
Mr. Merveilleux says that he has reserved almost 20% of his portfolio for assets linked to the crypto, including stablecoins, tokens and exchanges. His confidence is contagious, but curious investors still have to ask: does the sun really go to bed at the time of the West West?
O’Leary intimately knows cryptographic scams. He was a spokesperson paid for FTX, and he says that all of the fiasco cost him millions.
“Now that it’s over, we can move forward, and I think everyone understands the potential of this market,” he said.
While O’Leary probably did not want to involve all the cryptographic scams finished – he seemed to refer to a diversion and fraud in trusted companies like the FTX – it is optimistic about the impact of Two bills before the congress.
One is the law on genius, which would oblige the stable stable emitters that they hold a 1: 1 reserve in cash or another liquid asset, in the middle of other protections.
Stablecoins are one type of cryptocurrency that is set to another asset, usually the US dollar. This is why these digital currencies are considered to be more “stable” than other cryptocurrencies like Bitcoin. Supporters like O’Leary believe that they will make faster and cheaper global digital payments.
The other element of legislation is the bill on the market infrastructure which would define each individual asset as a guarantee or a goods so that the appropriate regulator – is the Commodity Futures Trading Commission or the Securities and Exchange Commission – can supervise it.
CEO of Coinbase Brian Armstrong blamed the debacle of the FTX On “the lack of regulatory clarity here in the United States”, forcing American investors to use a Bahamas scholarship.
CEO of Ripple Brad Garlinghouse agreed: “Brian is right – to protect consumers, we need regulatory advice for companies that guarantee confidence and transparency. There is a reason why most crypto exchanges are offshore – companies have 0 orientation on how to comply here in the United States ”
But if the new Congress regulations do not end up being strong enough, they can simply provide a legitimacy veneer.
“While a strong bill on stables is the best possible result, this weak bill is worse than not at all the bill,” said senator Elizabeth Warren said of the act of genius.
Security is also based on a constant application, and the Trump administration has brought a number of turbulent changes while trying to make the United States the “planet’s cryptographic capital”.
On stage at another crypto conference, the vice-president JD Vance recently promised“We have dismissed Gary Gensler – and we’re going to shoot everyone like him.”
Gensler was the last president of the SEC, and in the absence of laws and regulations governing the crypto, he endeavored to make the space safer for investors by pursuing companies for apparent reprehensible acts.
Under the new management, the agency would have moved his best crypto litigantic litigant Abandoned boxes Against several large cryptographic companies.
The Ministry of Justice has dissolved His national team for enforcing cryptocurrencies and told prosecutors to concentrate only cryptographic surveys on drug cartels and terrorist groups. The Labor Department has said Employers they no longer have to exercise “extreme care” before considering adding an cryptocurrency option to a 401 menu (K). Other regulators such as the Federal Deposit Insurance Corporation and the Currency Controller Office have also canceled crypto forecasts.
While defenders of light and heavy regulation are competing for the sector advanced in their own way, criticisms indicate the potential dangers of an unleashed cryptographic industry on financial stability.
“The legislation on floors risks the risk of seed seeds of a financial crisis,” said Alexandra Thornton, principal director of the financial regulation policy at the Center for American Progress, in an editorial for Fortune.
“The stablecoins were supposed to take advantage of the dollars to stabilize the chaotic universe of the crypto. An editorial for the New York Times.
“The Act on Engineering folds up stables directly into the traditional financial system, while applying lower guarantees than banks or investment companies must respect,” said Senator Warren in his Senate speech. “Don’t be mistaken. We are likely to see another financial crisis in the years to come. ”
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This article only provides information and should not be interpreted as advice. It is provided without guarantee of any kind.
