Now, investor and Shark Tank star Kevin O’Leary has predicted that a long-awaited piece of regulation may be poised to catapult bitcoin and crypto into the S&P 500 — warning, “You either join the wave or you get lost.”
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Although it has nothing to do with Bitcoin, [the Stablecoin Transparency Act] It will be the first regulation passed by US regulators, and I would argue that you want bitcoin to be long enough to reach that conclusion,” O’Shares, president of O’Shares Investment Advisers, said during appearance On the Crypto Banter Youtube channel. “You will notice a lot of interest in institutional capital [stablecoins]. “
O’Leary said he expects the Stablecoin Transparency Act, which was introduced in March of this year and is designed to bring greater transparency to the $150 billion stablecoin market, after the US midterm elections in November.
Stable coins have been on the rise over the past few years, facilitating the massive rise in the price of Bitcoin, Ethereum and other major cryptocurrencies like BNB, XRP, solana, cardano, and dogecoin as people use them as a platform in the cryptocurrency market.
The Stable Coin Transparency Act — which requires issuers of cryptocurrencies like tether and circle pegged to the US dollar to report the “quality” of their assets held in reserve — “is very simple in nature and that’s why it may pass,” O’Leary said, adding, “At the end of the day, regulations come, Bitcoin is going up.”
Earlier this year, O’Leary said he expected bitcoin, ethereum and cryptocurrencies to become the 12th sector in the S&P 500, joining technology, healthcare, finance, real estate, energy, materials, consumer appreciation, industries and utilities, consumer staples, and telecommunications.
“I expect crypto, blockchain, bitcoin — all of this innovation — to be the 12th sector in S&P,” O’Leary said in April at the Bitcoin 2022 conference. “When we get the policy and the regulator…the taps of capital will flow into this sector like you’ve never seen before.”
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The stablecoin market has been shaken this year by the collapse of the experimental algorithmic stablecoin terraUSD and its backer Luna, sparking a wave of regulatory scrutiny.
“Following the May issues with the terraUSD stablecoin, confidence in such cryptocurrencies appears to have plummeted,” wrote Grzegorz Dróżdż, market analyst at investment firm Conotoxia, in an email comment.
“This is noticeable in the market valuations of other stablecoins, including Tether.”
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