Entrepreneur Kevin O’Leary said he would not invest in crypto assets until they are controlled by regulators.
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interview CNBC Kevin O’Leary has called on the US government to develop rules for the cryptocurrency market as soon as possible. O’Leary believes that in the absence of clear regulations, there are few financial institutions willing to participate in this industry, otherwise it would be reckless. According to the entrepreneur, companies cannot afford to invest in dubious instruments, risking being “out of the game”.
“Departments have to make decisions on cryptocurrencies because people and firms in financial services don’t want to look like reckless people by investing in unregulated products. Personally, I don’t want to get involved with cryptocurrencies if the regulators are wary of them, ”said O’Leary.
He suggested that if regulators recognized cryptocurrencies as assets and allowed the launch of exchange-traded funds (ETFs) tied to cryptocurrencies, companies would be willing to invest about a trillion dollars more in bitcoin. Cryptocurrency ETFs have already been launched in Canada and Brazil. O’Leary believes that the United States also has the ability to “open the way” for this investment product. However, the US Securities and Exchange Commission (SEC) has yet to approve any bitcoin or ether ETFs, and is still considering launch applications from more than 20 firms.
“I think the SEC will approve crypto ETFs in the coming years, which is why investors are showing such great interest in them,” O’Leary added.
From September 12 to September 15, a conference is being held in New York, organized by the founder of the SkyBridge investment company Anthony Scaramucci. It discusses issues related to the future of decentralized finance and cryptocurrencies. In addition, many organizations came to the conference to discuss the launch of cryptocurrency ETFs in the US, O’Leary said.
Previously, O’Leary was known as a critic of cryptocurrencies. However, last year he
statedthat he is ready to invest up to 5% of his funds in BTC, since bitcoin will always be “ahead of all cryptoassets”.
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