Kevin O'Leary has made a name for himself as an entrepreneur, business advisor, investor and television personality. While he has built his career in the conventional finance space, O'Leary is excited about investment opportunities around cryptocurrency. He joined Roundtable at Bitcoin 2022 in Miami to discuss investment and regulation in blockchain. In this segment, O'Leary discusses recent policy proposals around cryptocurrency.
O'Leary has kept tabs on the ongoing swirl of proposed regulation in the cryptocurrency space. While he thinks favorably of some of the ideas floated, he is wary of the SEC's recent proposal of conducting carbon audits of companies.
"That is going to throw a huge wrench into Bitcoin mines that are using carbon offsets because everybody knows you can't audit a carbon offset. You can claim that you are carbon neutral, but there's no way to actually have a ledger that any auditor will sign," he explained.
"If you're mining Bitcoin and claiming your carbon neutral with offsets, you're screwed. If the SCC puts this in place, that's a really bad outcome. The right answer is to force the industry into renewables and take the advantage of all the initiatives around making better computing, and obviously reducing the use of carbon-based fuel."
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O'Leary does, however, look favorably upon Senator Bill Hagery's recently introduced Stablecoin Transparency Act. "All it says is this thing looks and talks and walks like a mutual, like a money market fund," he said. "Why don't we regulate it the same way? To me, that's very constructive policy."
Watch the full discussion below:
Kevin O'Leary, investor, entrepreneur and television host