Kevin O’Leary Expects US Crypto Regulations to Come Out After Midterm Elections

Kevin O"Leary Expects US Crypto Regulations to Come Out After Midterm Elections

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says U.S. crypto regulations will not come out until after the midterm elections. He explained that President Joe Biden “is not interested in discussing crypto” when his approval ratings have sunk to record lows. O’Leary also citedother factors, including double-digit inflation and high food and gas prices. 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.

He was asked how far away the U.S. Securities and Exchange Commission (SEC) is from approving a spot bitcoin exchange-traded fund (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. One was introduced by Senator Bill Hagerty and the other by Senator Pat Toomey.

Noting that a bill on stablecoins will be easy to pass after the midterm elections, he emphasized: Nothing’s gonna happen until after the midterms. Biden is not interested in discussing crypto when his poll ratings are, you know whatever it is, sub-31%. That’s not a place where he wants to go, so you’re gonna have to wait until after the midterms.

Mr. Wonderful noted that when Biden issued the encouraging executive order on crypto, his ratings were higher. 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.

The U.S. midterm elections are scheduled for Nov. 8. 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. Wonderful was also asked if he thinks this crypto winter will be a long one and where the market will head now.

“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.” Tags in this story biden ratings, bitcoin spot etf, high food price, high gas price, inflation, Joe Biden, kevin o"leary, kevin o"leary bitcoin, kevin o"leary crypto, kevin o"leary cryptocurrency, Kevin o’leary biden, midterm elections, midterms, midterms crypto, SEC, Stablecoins

What do you think about the comments by Kevin O’Leary? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found 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. Draft Law About NFTs Submitted to Russian Parliament REGULATION | 4 hours ago Cryptocurrency Is ‘Based on Nothing,’ Should Be Regulated, ECB’s Lagarde Says REGULATION | 10 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There’s Also ‘Risk of Delay’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin