Speaking in an interview with CNBC last Friday, Kevin O’Leary, the chairman of O’Shares Investments and the star of the TV show Shark Tank, indicated that the business will become more regulated even if he lost his investment in FTX.com.
“There won’t be another situation like this for institutional investors ever again, we’re simply not going to put capital to work until this stuff gets regulated,” said O’Leary, confirming that he will take the push to Washington.
The Central Bank Digital Currency Study Act of 2021 and the Digital Commodities Consumer Protection Act of 2022 are notable cryptocurrency bills that have been introduced to the U.S. Congress but have not yet been passed.
The Stablecoin Transparency Act, which was introduced to Congress in March and would force stablecoin issuers to post monthly reports on reserves and submit to third-party audits, is the first step, according to O’Leary, that American regulators should take. The bill defines stablecoins as digital assets that are 1:1 backed by non-digital money.
“If I’m going to put serious capital to work in a broker-dealer, in an exchange, it’s going to be one that’s regulated, has transparency, and has the same rules that every other exchange that deals in stocks and bonds have,” added O’Leary
According to O’Leary, who calls the most recent decline in token prices “the bottom of the crypto market,” he is “a huge advocate” for the potential of blockchain technology and cryptocurrencies.
In order to promote FTX’s brand and affiliates, the Canadian businessman and television personality signed a multi-year contract in 2021.