On May 26th, Canadian businessman, banker, and television personality Kevin O’Leary spoke at CNBC Crypto World about Terra collapse Kevin said he did not consider Terra’s collapse as a defeat of the stablecoin business and emphasised that the sector needs legal clarification. Furthermore, he said the ban on Proof-of-Work (PoW) suggested by New York will drive companies away and will make them uninvestable. New York, including California and Massachusetts, is uninvestable owing to weak management and anti-crypto regulations.
New York State is Uninvestible, Kevin O’Leary
The New York State Assembly enacted a ban law aimed at carbon-based PoW mining areas last month. Since the Senate has not voted, the bill has not yet passed into state legislation.
In a recent interview with CNBC, Kevin O’Leary called the anti-crypto industry sentiment a major mistake. He said that the state has failed to capitalise on its abundant hydroelectricity.
Kevin O’Leary, Canadian businessman, cited his own experience to back up his position, stating that he had redirected assets that might have headed to New York to Norway instead. He went on to say that states like California, Massachusetts, and New York are so “poorly governed” and have such volatile rules on digital assets that he might prefer not to trade there at all.
Instead, he stated that he will invest in Florida and Texas since their policies reflect his belief that cryptocurrencies will not go away.
On Terra ecosystem collapse, Kevin O’Leary
In the interview with CNBC, the billionaire Kevin O’Leary also addressed Terra’s recent ecosystem collapse, claiming that Terra is only a failed experiment on stablecoins that does not affect the fundamental concepts of what a stablecoin may be.
When expressing his views on stablecoins, he noted that regulatory certainty based on a set of laws will provide companies with a framework about what to do with the assets, resulting in fair competition among various schemes.
