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“I’m not interested in becoming a crypto cowboy.”

Kevin O’Leary

Scott Murin | CNBC

Celebrity investor Kevin O’Leary is investing in digital currencies, but he’s not that light. He told CNBC that he would like to talk to regulators in this area, not the “Cryptocurrency Cowboy”.

O’Leary consults with regulators on CNBC’s Capital Connection on Tuesday before investing in cryptocurrencies to see “what’s possible and what’s impossible” in terms of their stance on space. He said he liked it.

“I have no interest in investing in proceedings against the SEC. [U.S. Securities and Exchange Commission]That’s a very bad idea, “he said in a discussion of a US regulatory lawsuit with fintech company Ripple.

The SEC’s proceedings against Ripple have focused on concerns about the relationship between fintech companies and XRP, the world’s seventh-largest cryptocurrency. NS SEC, Ripple and its executives Sold $ 1.3 billion worth of tokens at an unregistered securities offering.

O’Leary, an investor in “Shark Tank” and chairman of the O’Leary ETF, said he preferred to respond to and comply with regulators “because of the actual capital there.”

“I’m a cryptocurrency cowboy and I’m not interested in anyone dissatisfied with me because … I have so many assets in the real world that I’m already investing, so I’m compliant We need to, “he added.

Stablecoin

However, O’Leary explained that he had “a lot of cash” after selling a lot of commercial real estate investments in the last few years. This will result in a loss of purchasing power due to inflation.

By comparison, O’Leary is the world’s second largest stablecoin operated by the digital currency company Circle, potentially making a 6% profit by buying USD Coin, which is fixed in the US dollar. Said that you can. O’Leary has stated that currently only up to 5% of cash can be invested in USDC.

But he added that the United States had the opportunity to “take the lead” with Stablecoin.

Cryptography as “software development”

O’Leary, in Abu Dhabi, the capital of the United Arab Emirates, attends the annual FinTech Festival and talks with governments and regulators to understand where the country stands in the rules for financial blockchain. He said he had deepened.

He said he did not consider cryptocurrencies like Bitcoin “like everyone else”.

O’Leary sees this as “software development” and said he wanted to understand which blockchain platform would “win in the long run” when considering investing in this area. ..

He cited Solana, Polygon and HBAR as some examples.

“We don’t know who the winner will be, so we have to invest in all, not just one of them,” he explained, looking for a market that offers the best engineering talent and policies in the process. I added. ..

O’Leary said there are currently no exchange-traded funds in the United States holding Bitcoin because regulators are “taking time” to regulate blockchain.

“That’s why I’m here. I’m going to all the jurisdictions that are positive about decentralized finance, so I’d like to hear from regulators what plans are to get me involved in this.” He said.

— — CNBC’s Ryan Browne contributed to this report.

“I’m not interested in becoming a crypto cowboy.”

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