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Shark Tank investor Kevin O'Leary shared a clip of his recent interview on The Daniela Cambone Show. He discusses his share in the WonderFi platform available in Canada for holding a crypto portfolio. He also talked about the turning point for the cryptocurrency industry.
Referring to the US Senate's upcoming markup of the Gillibrand Haggerty Bill, also known as the Genius Bill, Kevin claimed that he has been waiting years for the same.
He believes that it has the potential to become the first piece of cryptocurrency regulation to pass in the United States. The legislation focuses on stablecoins, and the Shark Tank investor has been hopeful for this course of action.
"Yes, I'm very excited about what's going on. This is very important. Gillibrand Haggerty Bill, it's called Genius Bill, is being marked up this week. It may be the first piece of crypto regulation passed in the United States around stablecoins, and that will be a breakthrough on digital payment systems.
He added,
My whole investment thesis on staying long on WonderFi, that at some point, and I've waited years for this that the US will start to regulate crypto and other digital payment systems."
Shark Tank's Kevin O'Leary believes cryptocurrency regulation will put WonderFi in "prime" position
Kevin O'Leary, the Shark Tank investor, recalls that crypto advocates and investors have asked for clear regulatory frameworks around digital assets for years. It is because these investments are prone to volatility and scams. O'Leary says that he has been committed to the task all this time, even though it was a "rocky road."
According to him, the bill is more than just a policy change and more of a structural integration of crypto into traditional financial services.
The Shark Tank investor advocates for WonderFi, which, according to him, is the largest regulated exchange in Canada under the Ontario Securities Commission, the OSC. He says that the commission will follow the SEC's steps on regulations in the US. Kevin explains,
"Others will be licensed, and that will be huge for WonderFi because WonderFi is now the largest in Canada of all the exchanges that are regulated by the OSC. So, as these new technologies get approved by the USA Regulators, the assumption has always been the case."
Continuing, the investor said,
"The OSC will follow the footsteps of the SEC, and we will have a whole new reason for Canadians to start setting up their stablecoins on WonderFi in addition to using it as a digital payment platform, in addition to hedging it against inflation with some holdings in Bitcoin or maybe other approved cryptos."
The Shark Tank investor also noted that the Gillibrand Haggerty Bill is just the beginning, with the Market Structure Act next on the horizon.
It will be important while deciding if cryptocurrencies like Ethereum are classified as commodities or securities, and will help in regulating them.
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Shark Tank season 16 episodes release weekly on ABC at 8 PM Eastern Time on Fridays. They are later available to watch on Hulu.
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