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O’Leary details why the US needs a crypto czar: ‘We have to stop these shenanigans’

Investigating the debate over Trump’s potential nominee for crypto chief, prominent entrepreneur Kevin O’Leary called on any nominee to end his legal indecision.

“We have to stop these criminals because this is a technology that affects all 11 sectors of the economy,” O’Leary said on “Fox & Friends” Thursday.

“It provides efficiency and digital payment systems. And we have to be globally competitive.”

According to industry sources familiar with the negotiations, President-elect Donald Trump is putting together a position dedicated exclusively to cryptocurrency policy. It’s unclear whether the role will be a governor’s type or a White House staff role, but the official in charge of the position will work with regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.

BITCOIN ETF OPTIONS GO LIVE IN BUSINESS TRADING. MORE BETTING PROFITS

Two names that come to O’Leary’s mind are former CEO of Currency Brian Brooks and Coinbase CEO Brian Armstrong.

Kevin O’Leary has put pressure on Trump’s nominee for crypto czar to start making regulatory decisions as soon as possible. (Getty Images)

“Brian, from Coinbase, has been sued [SEC Chair] Gensler right now. His company is under the SEC,” noted the CEO of O’Leary Ventures.

“We need a czar here, and we need to start making decisions. Is ethereum a commodity, or a security? Pick one and go with it. I don’t care which one, but we have to do it. At least pick one,” he added. “We haven’t done that yet.”

The president-elect campaigned heavily among pro-crypto voters, stopping at crypto bar PubKey in New York City and speaking at the Bitcoin 2024 conference in Nashville a few weeks before Election Day.

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Bitcoin, the largest cryptocurrency by market value, touched an all-time high of $94,000 in afternoon trading on Wednesday and is up more than 156% from its 52-week low of $36,815.63 in November 2023, as tracked by Dow Jones Market Data Group.

iShares Bitcoin ETF Trust

The price increase boosted crypto exchanges, making assets of the largest, iShares Bitcoin Trust, more than $40 billion and rising to record highs.

Some bitcoin ETFs are also seeing high interest.

A ticker Security Finally Change change %
BTC GRAYSCALE BITCOIN MINI TRT ETF BITCOIN MINI TRUST BTC ETF 42.83 +0.99

+2.37%

GBTC GRAYSCALE BITCOIN TRUST ETF – USD ACC 76.81 +1.82

+2.43%

FBTC FIdelITY WISE ORIGIN BITCOIN FUND – USD ACC 84.48 +1.94

+2.35%

ARKB ARKB – ARK 21SHARES BITCOIN ETF – USD ACC 96.47 +2.17

+2.30%

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FOX Business’ Suzanne O’Halloran contributed to this report.


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