Why Kevin O’Leary, Jordan Belfort Welcome Crypto Regulation – Cardano (ADA/USD), Cosmos (ATOM/USD)

Maybe a bear market really is a time to grow, even if you’re not a billionaire adding to your holdings.

History was made on 15 September then Ethereum ETH/USD The mainnet merged with the Beacon Chain to exist as one chain.

Most importantly, as the Ethereum Foundation stated in its announcement: “Ethereum’s Proof-of-stake upgrade is finally here!

The Proof-of-Stake (POS) consensus mechanism will ideally address concerns over cost, speed, capacity and energy consumption on the Ethereum Network.

On the same day, Cardano ADA/USD announced what is being called the most ambitious upgrade yet.

Wave of Crypto Development: In the announcement by Cardano developers Input-Output Hong Kong (IOHK), Cardano said in a statement: “The Vasil upgrade significantly enhances and enhances Cardano’s capabilities. New Plutus v2 features and enhancements will enable DApp developers to create new and exciting experiences, while diffusion pipelining unlocks the potential for greater throughput and network capacity.”

The Cardano mainnet hard fork was originally given a June 29 deadline, but the upgrade was delayed due to errors during testing.

Meanwhile, Solana SOL/USD is ready to own energy efficiency. The crypto recently announced a number of improvements, and Solana claims it can run the entire network for one hour on the same energy used for a Bitcoin transaction.

Cosmos ATOM/USD gather at Cosmoverse, dubbed “the biggest Cosmos event of the year.”

Cosmos representatives are in the midst of three days in Medellin, Colombia, attending presentations to help projects in the Cosmos ecosystem make the most of what the Cosmos Hub has to offer. Cosmos recently teased in an interview that it will introduce improved interchain security that can be used by projects in the ecosystem.

The EOS network EOS/USD Foundation (ENF) announced that it is merging EOS with Telos, Wax and UX Network, “combining resources into a coalition of blockchains with a shared code base.”

“UX Network is a blockchain built for adults – ready to scale to enterprise use cases and offer the security, speed and price consistency of transactions needed to run a business and serve Web3 customers,” said Daryn Soards, CEO of UX Network. “The launch of the Antelope Protocol is a matter of the community steering its own ship without the centralized control of Block.One, creating protocols that support the vision and use cases we’ve been working on since 2017.”

Wolves, Sharks Calling for Clearer Crypto Regulation: Jordan Belfortthe speaker, entrepreneur and investor known as “The Wolf of Wall Street”, said in a recent interview that he was right in his 2017 assumptions about Bitcoin, but he has reversed his position that Bitcoin would become worthless.

“I just said it’s a scam because it just seemed that way because of all the earmarking of it. What turned me around was slowly but surely, when (Bitcoin) crashed and it went down to $3,000, there was still a market for several billion dollars.”

Belfort added that he viewed the risk of Bitcoin being banned as “pretty much over.”

“They want to regulate, they want to tax it, but I think that’s a good thing,” Belfort said.

Belfort has advocated for years that a clear regulatory structure in the US is essential to stabilize the crypto market and bring in big institutional money, which tends to stay away when there is uncertainty.

Fortunately, a clear regulatory structure is on the way. In mid-August, the White House followed up its order from March with the “First-ever Comprehensive Framework for Responsible Development of Digital Assets”.

The framework utilizes existing regulatory bodies, such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, so that the crypto world will relate to known regulators.

The SEC recently announced plans to “add an Office of Crypto Assets and an Office of Industrial Applications and Services to the Division of Corporation Finance’s Disclosure Review Program (DRP).”

Kevin O’Learyalso known as “Mr. Wonderful,” is a Canadian businessman, entrepreneur and television personality known for his work “Shark Tank,” said in an interview at Circle’s USDC/USD Converge ’22 San Francisco that Bitcoin will struggle to regain the $22,000 level without regulatory clarity.

O’Leary, like Belfort, believes crypto will need clearer regulation to win over wealth and pension funds and eventually reach $300,000.

Bitcoin hit $22,000 on September 22, although that is still some way down from the all-time high of $69,000 in November 2021.

O’Leary is a strong proponent of Web3 technology, a spokesperson for the FTX exchange and an investor in Circle, issuer of the USDC stablecoin. O’Leary also announced plans to launch a Web 3.0-focused investment fund called Cipher.

SEC Chairman Gary Gensler has displeased Ethereum supporters, saying in a statement on September 15 that the Ethereum merger puts the network into the category of staking-backed cryptocurrencies, which are very likely securities that should be regulated by the SEC.

The Future of Crypto: Maybe Belfort and O’Leary are right about the role of crypto regulation in stabilizing markets, but it won’t be a painless process.

Is there any relief on the horizon?

According to Nickel Digital Asset Management, based on a small survey of big money investors, there is a renewed sense of positivity that we are nearing the end of this bear market.

Recently, Nickel Digital surveyed 200 institutional investors around the world who collectively manage $2.2 trillion in assets. The study showed that only 9% of investors felt the crypto bear market, but 58% responded that it would end within six months at the latest.

This seems like the kind of good news we can handle right now – positive but not overwhelmingly sunny. While 67% of respondents feel the bear market has ended or is coming to an end, around 27% expected the bear market to last up to another year, and 7% expected it to drag on even longer.

Anatoly CrachilovCEO of Nickel Digital, added: “Investors recognize that the ongoing crypto winter still has some way to go, but there is also a recognition that, if history is any guide, these high-beta markets will, once winter ends, stage strong recovery .”

The last word: In a bear market, a Web3 future may feel further away, but in fact the foundations are being laid at technical and regulatory levels.

Ethereum’s Merge seems to have spurred alternative networks to sharpen their own offerings, showing that these projects are not sleeping through the crypto winter, but are preparing for a brighter spring.

Innovation is one of humanity’s most valuable resources. In the last bear market, NFTs became mainstream famous. It’s a matter of constant speculation as to what’s next, but it’s certainly being built as we speak.

On December 7, Benzinga will have its first Future of Crypto live conference in New York City at Pier 60.

Belfort and O’Leary are both keynote speakers at the conference, as it is Anthony Scaramucciand the panels are full of some of the key speakers and projects in the industry, including representatives from Cosmos, Cardano and Solana, all mentioned in this article.

To learn more about next generation finance, art, gaming, social media and more. join our crypto editorial staff and some of the biggest leaders in the industry for our December Summit.
Cover image based on image by Gerd Altmann from Pixabay.