Kevin O’Leary Expects US Crypto Regulations To Come After Midterm Election

Mr. Shark Tank star Kevin O’Leary, known as Wonderful, says US cryptocurrency regulations won’t come out until the midterm elections are over. He explained that when President Joe Biden hit an all-time low of his approval rating, he was “not interested in discussing cryptocurrencies.” O’Leary also cited Other factors including double-digit inflation and high food and gas prices.

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

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

He was asked how far the U.S. Securities and Exchange Commission (SEC) was from approving spot Bitcoin exchange-traded funds (ETFs).

O’Leary answered. “That’s not what happens first. I think the first thing that will happen is that we will see policies for stablecoins.” He cited two proposed legislation to regulate stablecoins. One was introduced by Senator Bill Hagerty and the other by Senator Pat Toomey.

He stressed that the bill for stablecoins would be easily passed after the midterm elections.

Nothing will happen until the midterms are over. Biden is not interested in discussing cryptocurrency when turnout is below 31%. There is no place to go, so you have to wait until the midterm exam.

Wonderful noted that Biden’s ratings were higher when he issued an encouraging executive order for cryptocurrencies. Opinion polls show that Joe Biden’s approval rating has fallen to around 10%. lowest his presidency in May; Only 39% of American adults acknowledge his presidency.

The US midterm elections are scheduled for November 8. If Republicans take control of one or both houses, they will have the power to thwart the president’s plans.

O’Leary said that cryptocurrency “is not one of the problems of being a champion when it goes down in voting. It doesn’t help you.”

“The market is adjusting…People are going to the driving season and drinking oil from the pump at prices unprecedented in the last 20 years. Protein prices have gone up 20-40%,” said Shark Tank star.

Biden is facing almost double-digit inflation… He doesn’t sit worrying about cryptocurrencies.

O’Leary also explained that various proposals are coming from the SEC with respect to climate change, crypto, and Bitcoin mining. “So it’s a very precarious situation right now,” he said.

Mr. Wonderful has also been asked about where this crypto winter is long and where the market is headed.

“Predictions for Bitcoin are by no means accurate. “No one could have predicted that volatility.” “And, you know, the speculation that it would be a hedge against inflation was completely wrong.” He continued:

I would like to argue that Bitcoin’s volatility will remain very similar for the first 15 years, where Amazon corrected it by 30% to 50% every 12 months.

“In the early days of Amazon, there was no institutional support,” he explained. The Shark Tank star claimed: That’s not true. They do not own it and will not own it until the SEC decides on it.”

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

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Kevin Helms

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 of economics and cryptography.

image credit: Shutterstock, Pixabay, Wiki Commons

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