Kevin O’Leary Expects U.S. Crypto Regulations After Midterm Elections – Bitcoin News

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, said U.S. crypto regulations won’t be introduced until after the midterm elections. He explained that he was “not interested in discussing crypto” when President Joe Biden’s approval ratings fell to record lows.O’Leary also cited Other factors include double-digit inflation and high food and gas prices.

Kevin O’Leary on Crypto Regulation, Biden’s Policies

Shark Tank star Kevin O’Leary spoke about bitcoin and cryptocurrency regulation in an interview with Stansberry Research published Friday.

He was asked how far the U.S. Securities and Exchange Commission (SEC) is from approving a spot bitcoin exchange-traded fund (ETF).

“There’s still a long way to go,” O’Leary replied. “It’s not the first thing that happens. I think the first thing that will happen is that we will see policies for stablecoins.” He cited two bills proposed to regulate stablecoins. One was introduced by Senator Bill Haggerty and the other by Senator Pat Toomey.

Noting that the stablecoin bill will be easily passed after the midterm elections, he emphasized:

Nothing will happen until the midterms. Biden is not interested in discussing cryptocurrencies when his poll ratings are below 31%. That’s not where he wants to be, so you’ll have to wait until after the mid-term exam.

Mr. Wonderful noted that when Biden released encouraging Executive Order on Encryption, his ratings are higher.President Joe Biden’s approval rating drops, a new poll shows lowest Highlights of his presidency in May; only 39 percent of U.S. adults approve of his performance as president.

The US midterm elections are scheduled for November 8. If Republicans control one or both chambers, it would have the power to thwart the president’s plans.

O’Leary explained that encryption isn’t “one of the issues where you’re going to be a supporter when you’re down in the polls. It’s not helping you.”

Noting that “the market is correcting…people are fueling up and heading into driving season at prices unheard of in the last 20 years. Protein prices are up 20% to 40%,” the Shark Tank star said:

Biden faces near-double-digit inflation…he’s not sitting idly by cryptocurrencies.

Additionally, O’Leary described the many different proposals made by the SEC on climate change, crypto and bitcoin mining. “So the situation is very fluid right now,” he said.

Mr. Wonderful was also asked if he thinks this crypto winter will be a long one and where the market is heading now.

“Predictions on Bitcoin are never accurate. No one can predict its volatility,” he argues. “And you know, speculation that this is going to be a hedge against inflation is completely wrong.” He continued:

I think Bitcoin’s volatility will be very similar to Amazon’s volatility for the first 15 years – a 30% to 50% correction every 12 months.

The reason, he explained, was that “Amazon didn’t have institutional support early on.” The Shark Tank star asserted: “The same goes for Bitcoin right now… People talk about the institutions that own it. That’s not true. They don’t own anything, and they won’t own it until the SEC rules about it.”

tags in this story

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What do you think of Kevin O’Leary’s comment? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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