Shark Tank star and O’Shares Chief Investment Adviser Kevin O’Leary predicts that one day blockchain and cryptocurrency will represent the 12th sector of the S&P 500 and is “very confident” prudent government crypto regulation will happen before mass adoption.
“The pace and acceleration of policy proposals out of bipartisan Senate committees and Hill has never been so much better” Kevin O’Leary said on Yahoo Finance Live “We’ve got Bill Lummis. We have the Haggerty bill for stablecoin, the Toomey bill for stablecoin. We have. have POTUS executive ordersall within six weeks of each other, all discussing the future of cryptocurrencies.
Cryptocurrency regulations vary internationally, ranging from direct bans until the initial case of bitcoin becoming the country’s national currency – as announced by El Salvador in 2021. Fifteen countries now ban bitcoin and other cryptocurrencies and consider them illegal in any form or form. according to data from Cryptimi.
On the opposite side, Canada allows bitcoin ETFs, ethereum ETFs and has licensed cross -country cryptocurrency dealers.
“There’s been a lot of innovation being done in different geographies with regulators at different stages of launching policies on this, so we’re lagging behind in the U.S.,” O’Leary said.
The U.S. Securities and Exchange Commission has not yet introduced regulations for crypto exchanges, however SEC Chairman Gary Gensler hopes to implement the guidelines this year. Meanwhile, the Federal Reserve published a research and analysis white paper which called attention to price volatility, restrictions on transaction throughput and the energy footprint of cryptocurrencies, suggesting the Fed could choose the Central Bank’s Digital Currency or stablecoin.
Meanwhile, the benefits of cryptocurrency’s basic technology – blockchain – are being announced by technologists and the financial sector.
JPMorgan chairman and CEO Jamie Dimon has historically bashed bitcoin, but at most recent annual shareholder lettersaid, “Decentralized finance and blockchain are real, new technologies that can be distributed in both public and private fashion, consent or not.”
Major investment companies have also invested in blockchain and cryptocurrency unicorns.
O’Leary commented on the new deal, ”the announcement said BlackRock and Fidelity put $ 400 million into USDC, a Circle product – which has never been done before by such financial services companies making large bets on cryptocurrency.
Bradley Smith is an anchor at Yahoo Finance. Follow her on Twitter @thebradsmith.