YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Kevin O’Leary Predicts This Stablecoin Regulation Will Pump Crypto Prices

October 17, 2022
in Regulations
Reading Time: 3 mins read
A A
Kevin O’Leary Predicts This Stablecoin Regulation Will Pump Crypto Prices
ShareShareShareShareShare

As the global crypto market struggles to surpass $1 trillion in cumulative market cap, Shark Tank star Kevin O’Leary believes that potential upcoming stablecoin regulations could be the next thing to fuel the market.

In a recent interview, ‘Mr. Wonderful’ opined that when “regulations come, Bitcoin goes up,” explaining that “if institutions smelled policy, then you got a real move up.”  

Stablecoin regulations could disrupt Bitcoin

O’Leary believes that the Stablecoin Transparency Act has a chance of passing in the U.S. after the Nov. 8 midterm elections. He stated, “Now, this has nothing to do with Bitcoin, but it has a lot to do with the tone of regulation. And the reason I think it’s interesting is they’re trying to solve for the challenges that occurred in these collapses of stablecoins that were built around algorithms, and $62 billion got erased.”

According to the bill introduced in the Senate, a stablecoin issuer is required to hold reserves of either specific government securities, fully collateralized security repurchase agreements, U.S. dollars, or other non-digital currency. The bill specifies a “fiat currency-backed stablecoin is a digital asset backed by a non-digital currency and is redeemable on a one-to-one basis in that currency.”

Moreover, each stablecoin issuer is required to publish a monthly report on the reserves held, audited by a third party.

“This act is very simple in nature, which is why it may pass. It is being supported by both parties. And the reason that’s the case is that secondly, it makes the U.S. dollar, the default payment system worldwide. Which everybody can get behind,” the Shark Tank star said.

“So if you have USDC or any other stablecoin that’s backed by the dollar and the test to get it regulated is very simple. You’re gonna get audited every 30 days, it has to be backed up one to one with U.S. dollar or Treasury bill, all the treasury bills backing the coin or the token have to have a duration of less than 12 months. And if you’re willing to go through that scrutiny, they’ll let they’ll issue you a license.”

BTC price struggles to surpass $20,000

Kevin O’Leary argues that even though the bill doesn’t particularly refer to Bitcoin, the first stablecoin regulations passed by U.S. regulators make for a solid case to be optimistic about BTC.

However, at the time of press, the Bitcoin price was in the 24-hour range of $19,112 and $19,342 on CoinGecko, significantly under the crucial level of $20,000. While the king coin has recorded minor gains in the past day, it has remained mostly range bound in the past month.

You might also like

Crypto.com secures Major Payment Institution license in Singapore

Crypto.com secures Major Payment Institution license in Singapore

June 1, 2023
Bybit becomes latest crypto exchange to exit Canada

Bybit becomes latest crypto exchange to exit Canada

May 30, 2023

According to IntoTheBlock research, 48% of the coin holders are losing money at current price levels. Meanwhile, only 5% are breaking even with the rest of the holders in profit. Most of the on-chain signals at press time remain bearish for BTC.

Source: IntoTheBlock research

BeInCrypto research also doesn’t show much optimism in the short term. However, on-chain analyst PlanB believes that BTC has now reset its range, replacing the old low of $4,000 to the crucial level of $20,000.

Despite the slump, the analyst remains optimistic and suggests accumulating more coins at the current levels.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.


Credit: Source link

Related Stories

Crypto.com secures Major Payment Institution license in Singapore
Regulations

Crypto.com secures Major Payment Institution license in Singapore

June 1, 2023
Bybit becomes latest crypto exchange to exit Canada
Regulations

Bybit becomes latest crypto exchange to exit Canada

May 30, 2023
Crypto winning isn’t dependent on banking failures
Regulations

Binance’s CZ dispels FUD, speculates on next big crypto trend in new interview

May 29, 2023
Is the US 30% Bitcoin mining tax dead?
Regulations

Is the US 30% Bitcoin mining tax dead?

May 29, 2023
Next Post
these tokens would have no regulatory issues

these tokens would have no regulatory issues

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

Police Reports: $16,000 lost in digital scam, brief police chase in … – The Record North Shore

May 29, 2023
FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

Quantum Hancock Review – Scam or Legitimate Trading Software – Cryptonews

June 1, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 26,888.00 0.78%
    • ethereumEthereum (ETH) $ 1,870.31 0.29%
    • tetherTether (USDT) $ 1.00 0.03%
    • bnbBNB (BNB) $ 304.63 0.44%
    • usd-coinUSD Coin (USDC) $ 0.999882 0.03%
    • xrpXRP (XRP) $ 0.509945 0.95%
    • staked-etherLido Staked Ether (STETH) $ 1,868.99 0.3%
    • cardanoCardano (ADA) $ 0.366764 2.46%
    • dogecoinDogecoin (DOGE) $ 0.071867 0.42%
    • matic-networkPolygon (MATIC) $ 0.892126 0.27%
    • solanaSolana (SOL) $ 20.69 0.01%
    • litecoinLitecoin (LTC) $ 94.82 5.86%
    • tronTRON (TRX) $ 0.075104 0.75%
    • polkadotPolkadot (DOT) $ 5.22 1.5%
    • binance-usdBinance USD (BUSD) $ 1.00 0.14%
    • shiba-inuShiba Inu (SHIB) $ 0.000009 0.51%
    • avalanche-2Avalanche (AVAX) $ 14.14 0.82%
    • daiDai (DAI) $ 0.999967 0.1%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 26,933.00 0.62%
    • uniswapUniswap (UNI) $ 5.01 0.18%
    • leo-tokenLEO Token (LEO) $ 3.59 2.18%
    • chainlinkChainlink (LINK) $ 6.38 1.07%
    • cosmosCosmos Hub (ATOM) $ 10.35 1.18%
    • okbOKB (OKB) $ 45.90 0.81%
    • moneroMonero (XMR) $ 148.46 1.32%
    • the-open-networkToncoin (TON) $ 1.78 3.28%
    • ethereum-classicEthereum Classic (ETC) $ 17.85 0.39%
    • stellarStellar (XLM) $ 0.091425 0.23%
    • bitcoin-cashBitcoin Cash (BCH) $ 113.33 0.59%
    • internet-computerInternet Computer (ICP) $ 4.69 0.77%
    • true-usdTrueUSD (TUSD) $ 1.00 0.11%
    • filecoinFilecoin (FIL) $ 4.73 1.63%
    • lido-daoLido DAO (LDO) $ 2.09 0.22%
    • aptosAptos (APT) $ 8.55 3.42%
    • quant-networkQuant (QNT) $ 115.53 0.17%
    • hedera-hashgraphHedera (HBAR) $ 0.050677 1.12%
    • crypto-com-chainCronos (CRO) $ 0.058752 1.56%
    • arbitrumArbitrum (ARB) $ 1.15 0.22%
    • vechainVeChain (VET) $ 0.019943 1.99%
    • nearNEAR Protocol (NEAR) $ 1.56 0.45%
    • the-graphThe Graph (GRT) $ 0.130568 1.8%
    • apecoinApeCoin (APE) $ 3.10 1.07%
    • algorandAlgorand (ALGO) $ 0.148832 1.11%
    • the-sandboxThe Sandbox (SAND) $ 0.561285 5.95%
    • paxos-standardPax Dollar (USDP) $ 1.00 0.22%
    • fraxFrax (FRAX) $ 0.999843 0.1%
    • edgecoin-2Edgecoin (EDGT) $ 1.00 0.04%
    • eosEOS (EOS) $ 0.888953 0%
    • rocket-poolRocket Pool (RPL) $ 48.72 0.51%
    • elrond-erd-2MultiversX (EGLD) $ 36.98 1.37%