‘All the crypto cowboys are gone’: Kevin O’Leary says the sector is safe now and is backing stablecoins

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',a=t._store.getNotifications(),r=t._generatePanelMarkup(o,a),i.innerHTML=r;break;case"error_panel":r=(o='{errorMsg}').replace("{errorMsg}",t._config.panel.errorMsg),i.innerHTML=r}n&&n()}else n&&n(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var n=this._store.getNotifications().newCount,t=this._config.badge.maxCount;if(n){var o=n>t?t+"+":n;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var n=document.getElementById(this._config.panel.styleTagId);n||((n=document.createElement("style")).type="text/css",n.id=this._config.panel.styleTagId,n.innerText=e,document.head.appendChild(n))}}}]),e}(),U=function(){function e(n,t,o){L(this,e);var i=this;i._store=t,i._view=o,i._config=n;var 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RegExp("[?&]notifications=1(&|#|$)");"desktop"===v&&i&&g.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var n={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Xt)),notifLabel:document.querySelector(".".concat($t))};n.notifDropdown&&so(e,n)}))}()}};]]>Deborah D'SouzaSun, Jun 1, 2025, 3:52 PM 6 min readDespite big bets by financial giants like BlackRock, many investors still have trouble taking cryptocurrency seriously. And it’s not just the memes and quirky fans pushing people away.In 2022, about 8% of U.S. adults called cryptocurrency the best long-term investment around. That number has been cut in half ever since the collapse of crypto exchange FTX wiped out nearly $9 billion in customer funds.Now, just a few years later, crypto bull Kevin O’Leary says those kinds of debacles are a thing of the past.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howI'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast)Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10)“All the crypto cowboys are gone. They’re all gone. They’re all in jail, they’re felons, or whatever it is,” he told the press in mid-May at the Consensus cryptocurrency conference in Toronto.“They were the pioneers (but) they’ve got arrows in their backs … They didn’t play by the rules. And the regulators proved who won that fight.”Mr. Wonderful says he has reserved nearly 20% of his portfolio for crypto-related assets, including stablecoins, tokens and exchanges. His confidence is infectious, but curious investors still have to ask: Is the sun really setting on the Wild West era?O’Leary is intimately familiar with crypto scams. He was a paid spokesman for FTX, and he claims the entire fiasco cost him millions.“Now that that’s over, we can move ahead, and I think everyone understands the potential of this market,” he said.While O’Leary likely didn’t mean to imply all crypto scams are finished — he seemed to be referring to embezzlement and fraud at trusted firms like FTX — he’s optimistic about the impact of two bills coming before Congress.One is the GENIUS Act, which would require stablecoin issuers to hold a 1:1 reserve of cash or another liquid asset, amid other protections.Stablecoins are a type of cryptocurrency that is pegged to another asset, usually the U.S. dollar. That’s why these digital currencies are considered more “stable” than other cryptocurrencies like Bitcoin. Proponents like O’Leary believe they will make global digital payments faster and cheaper.The other piece of legislation is the market infrastructure bill that would define each individual asset as a security or commodity so that the appropriate regulator — either the Commodity Futures Trading Commission or the Securities and Exchange Commission — can oversee it.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5005,911.69 -0.48 (-0.01%)Dow 3042,270.07 +54.37 (+0.13%)Nasdaq19,113.77 -62.13 (-0.32%)Russell 20002,066.29 -8.49 (-0.41%)VIX18.57 -0.61 (-3.18%)Gold3,315.40 -28.50 (-0.85%)PortfolioSign in to access your portfolioSign inTop gainersRGC Regencell Bioscience Holdings Limited 877.00 +136.02 (+18.36%)PONY Pony AI Inc. 19.26 +2.11 (+12.30%)ULTA Ulta Beauty, Inc. 471.46 +49.67 (+11.78%)MP MP Materials Corp. 21.79 +2.02 (+10.22%)ZS Zscaler, Inc. 275.70 +24.59 (+9.79%)Top losersSMMT Summit Therapeutics Inc. 18.22 -7.99 (-30.50%)GAP The Gap, Inc. 22.31 -5.64 (-20.18%)REGN Regeneron Pharmaceuticals, Inc. 490.28 -115.11 (-19.01%)AMBA Ambarella, Inc. 52.64 -9.36 (-15.10%)COO The Cooper Companies, Inc. 68.28 -11.68 (-14.61%)Most activeNVDA NVIDIA Corporation 135.13 -4.06 (-2.92%)LCID Lucid Group, Inc. 2.2300 -0.1800 (-7.47%)PLTR Palantir Technologies Inc. 131.78 +9.46 (+7.73%)F Ford Motor Company 10.38 +0.16 (+1.57%)TSLA Tesla, Inc. 346.46 -11.97 (-3.34%)Earnings eventsTrending tickersELF e.l.f. 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