Shark Tank star Kevin O’Leary urges US cryptocurrency regulation

Investor and star of the television show “Shark Tank”, Kevin O’Leary, urged US authorities to “as soon as possible” develop a regulatory framework for the cryptocurrency market. He said this in an interview with CNBC.

In his view, the absence of clear regulation prevents financial-services firms from joining the industry. In the current environment they risk being left out of the game or attracting the attention of regulators.

“I don’t want to get involved with cryptocurrencies if regulators say it’s not okay,” said O’Leary.

He also conceded that bitcoin investments would rise with the approval of exchange-traded funds (ETFs) based on digital assets.

“I think this will eventually happen in the next couple of years,” the investor added.

In March, O’Leary stated his intention to invest 3% of his assets in the first cryptocurrency. A month later he clarified that he would buy only eco-friendly digital gold.

Earlier, SEC Chairman Gary Gensler stated that the 1940 Act provides stronger investor protections. He stressed that a fund meeting regulator’s requirements could be approved.

Applications to launch instruments in line with the regulator’s recommendations were filed by VanEck, Valkyrie Investments, Invesco, Galaxy Digital and AdvisorShares.

Bloomberg analysts had forecast the approval of a Bitcoin ETF by the U.S. regulator by the end of October 2021.

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