Venture capitalist Kevin O’Leary says CFTC and SEC crypto regulations are coming – here’s his timeline
Shark Tank star investor Kevin O’Leary weighs in on the potential roadmap toward a formal definition of terms and regulations within the crypto space.
In a recent roundtable discussion with Crypto Banter, O’Leary suggests that if Republicans end up winning a majority in Congress during the November elections, crypto will likely achieve formal recognition next spring.
“By the second quarter of 2023 after the mid-term period, if the house turns. You get the Republicans on this, they are more they are much more pro-crypto.
Most of the bills are coming out of red states. I don’t want to be political, but if you get the house flipped, they put it on the agenda.
Don’t expect every token to be regulated. They’re going to focus on the market cap and say, “Here’s the policy for Bitcoin, here’s the policy for Ethereum.”
The venture capitalist believes that investors may want to dive in after the results of the midterm elections are known, and also explains why he is in favor of the government regulating the crypto industry.
“I think you will be long after November 8th. Everyone has to speculate what to do here, but you have seen winter at the bottom [and] we are slowly crawling out of the toilet here.
Your portfolios are up 20%, in some cases 23%. Our position of 20% decreased to 15.2%. That is pain, my friends.
Our desk said, ‘What are we doing?’ I said, ‘We’re not doing anything.’ We know we are in this volatile asset class and we have to wait for some guidelines.
That’s why when I talk about crypto now, I’m pro-regulation. I want the sovereigns to support me with a bid every night.”
O’Leary goes on to speculate that high-powered sovereign wealth funds in the United Arab Emirates (UAE) may be waiting for regulatory clarity from the US Securities and Exchange Commission (SEC) before moving into crypto.
“When you look at the UAE, Abu Dhabi is 95% of the capital, so you have to operate from there. It’s called ADGM [Abu Dhabi Global Market]. They set policy on crypto. They provide licenses for exchange.
But here’s the thing they won’t do. They don’t want to skip the SEC. They won’t do this and make it a standard for their own sovereign wealth until the SEC gets a chance to move.
The reason for that is actually political. The largest manager of sovereign wealth in the world is BlackRock. It’s Larry Fink. He’s not going to do this until he gets the go-ahead from the SEC.
So they will never mess with their biggest manager. I’m speculating, I don’t know this for sure.”
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