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New York’s Proposed PoW Ban Will Scare Businesses Away – Kevin O’Leary

According to Kevin O’Leary, the proposal by the New York state legislature to ban PoW cryptos will cause many businesses to move to other states. The famous tv personality claims that if the New York legislators should pass the bill, the state will join Massachusetts and California as anti-crypto states.

The crypto advocate also said that crypto businesses are staying from those two states because they have unfriendly crypto policies. However, the millionaire investor claims that the terra network collapse doesn’t mean an end to the stablecoin sector. He added that the stablecoin and the wider crypto sector only need more regulatory clarity.

New York’s Unfriendliness Towards Crypto Businesses Is A Big Mistake – O’Leary

In April 2022, New York state legislators passed a ban proposal PoW cryptos citing environmental concerns. However, the bill hasn’t become a state law yet because it requires the senate’s approval. During a recent interview with CNBC, Kevin O’Leary believes New York’s opposition to crypto firms is a big mistake.

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He said the state should have maximized the abundance of its cheap alternative power source (hydroelectricity) to attract crypto businesses. O’Leary argued that many miners would have abandoned the use of carbon energy in favor of the state’s hydroelectricity.

“Attracting these businesses would have put more tax dollars into the state’s pocket. It would have also led to the creation of more jobs. Instead, they have scared these businesses away.” The millionaire entrepreneur shared his personal experience to prove his point.

He stated that he recently redirected his investments to Norway instead of New York. O’Leary further said that New York would be joining California and Massachusetts as some of the states with poor management policies about crypto.

Hence, it is no wonder that there aren’t many crypto firms in those states. O’Leary stated that Florida and Texas are the best environments for crypto businesses right now. “The management of these two states understand that BTC and cryptos are yet to stay for a long time.”

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Terra Failure Doesn’t Change The Basic Concepts About Stablecoin – O’Leary

During the interview, O’Leary shared his opinion on the recent terra network crash. He said, “the terra project is an experiment on stablecoin. However, the failure of this experiment doesn’t change the truth about stablecoins and what they represent.”

Comparing algorithmic stablecoins to non-algorithmic ones like the USDC and USDT, O’Leary said, “the former is like going to Las Vegas for entertainment.” “Hence, its failure has no effect on the stablecoin sector, and no one needs to worry about the sector,” he further said.

The TV personality said he favors regulating the stablecoin and the crypto industry. According to him, “a crypto regulatory policy will be a guideline for crypto businesses. Hence, they would know what is legal or illegal with their tokens. Also, competition among these businesses will become healthier.”


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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