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The crypto market is expected to grow to $32 billion by 2027, and with trillions of dollars sitting idle in the global economy, all eyes are on the debate currently taking place in the U.S. as the committee ramps up discussions on regulations.
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this makes me shark tankKevin O’Leary of WonderFi is a strategic investor in WonderFi, which offers novice users an easy way to buy cryptocurrencies on regulated exchanges like BitBuy and Coinberry, earn interest and track performance while maintaining full control over their assets and custody. I reached out to O’Leary because I’m interested in how the talks are going and how the team at WonderFi continues to build the platform in response to major changes. As a consultant supporting businesses implementing digital assets, I know there is a wealth of knowledge to draw on.
I asked O’Leary how the pressure on this project was different from any other project he’d worked on before. “The optics, the coverage and the pressure are huge,” he said. With so many eyes on not only crypto market trends, but also compelling headlines and sensational storytelling, the burden of providing accurate information to the public and policymakers is very real.
O’Leary went out of his way to affirm the talent of the WonderFi executive team and their work in building an ecosystem that, combined with policies and strong regulations, will mitigate much of the fake news and noise surrounding crypto.
In my conversation with O’Leary, we went straight into discussions with policymakers. Momentum continues to build, especially over the past 12 months. President Biden signed an executive order in March 2022 asking the Federal Reserve to explore whether it should create its own digital currency, saying at the time that it would “help the United States continue to play a leadership role in the innovation and governance of digital currencies at home and abroad.” An ecosystem of assets, in a way that protects consumers, aligns with our democratic values, and enhances America’s global competitiveness.
“There’s no question that all eyes are on America,” O’Leary said. “The shift on Capitol Hill is profound. This issue is not bipartisan, and both parties are eager to be present and fully engaged in a house-wide discussion on where policy is headed.”
related: Bitcoin’s Tough Monday: Down 5.2% in 24 Hours
Change Vision
Cryptocurrencies have received negative attention in mainstream media, social media, and numerous scandalous documentaries.I would love to know what that is O’Leary Saw Among the cryptocurrencies that many of us miss but still don’t see. “Choice,” he said, “people are fed up with banks and bound by their rules.”
Dissatisfaction with the banking system is not new, but most people have no choice but to adapt and keep their cash flow flowing. If there’s one thing O’Leary is known for, it’s his belief that cash flow is the number one priority in business.
But O’Leary has experienced firsthand the frustration that can come with using the traditional banking system. In April, when his company was closing a multi-million dollar transaction, wire transfers between the U.S. and Canada were lost for days, requiring multiple employees to work hours to unwind the transaction and “find” the funds to secure and complete trade. Eventually everything is sorted, but is this supposed to happen? “Who is responsible for lost interest, unexecuted transactions?” O’Leary asked. He is right. The bank doesn’t lose your money, but after a few days it’s gone. This happens more frequently than most people think, and doesn’t inspire confidence or credibility, but few object to the agency.
“With stablecoins, it works in minutes and saves my team countless hours,” O’Leary said. What is indisputable is that if the transaction took place on a regulated crypto platform, it would be secured end-to-end using blockchain technology, which underlies the power presented by crypto, making it useful to many. People are attractive and provide us with control requirements.
related: SEC Nearly Doubles Size of Crypto Sector to Protect Investors in $1.7 Trillion Cryptocurrency Market
Build crypto confidence with a complete infrastructure
Once we explain how crypto creates opportunity, we still face barriers to inspiring confidence because, as O’Leary puts it, “crypto is run by wild west rogue cowboys.”
Knowing about this technology inspires confidence, which is why WonderFi places so much emphasis on education. That made O’Leary’s involvement a natural—he’s long been an advocate for financial literacy.
O’Leary believes that as negotiations on Capitol Hill continue to progress, trillions of dollars from around the world will soon come into play in the crypto market. U.S. regulation is the signal the global financial community is waiting for.
O’Leary continues to advocate for choice and compliance, while ensuring that he and the WonderFi team are building and investing in technology that inspires user confidence and supports fintech innovation.
related: Kevin O’Leary explains why institutional capital must play a role in sustainability
