‘Wolf of Wall Street’ Jordan Belfort says ‘massive’ regulation of crypto would lead to mainstream adoption and let bitcoin and ethereum soar

‘Wolf of Wall Street’ Jordan Belfort says ‘massive’ regulation of crypto would lead to mainstream adoption and let bitcoin and ethereum soar

Jordan Belfort, the infamous trader behind the movie "The Wolf of Wall Street," called for "massive" regulation of crypto and decried as a scam in a wide-ranging . "The sooner that massive regulation comes into the market, the better it is for , stablecoins, and everything else," said Belfort, who deemed himself a long-term crypto bull. Belfort added that fears of regulation coming to crypto are misguided, pointing to the history of the junk-bond market. "Everyone said, 'Oh no, the regulators are coming in! [But ultimately] the market got much bigger, so I think it's a good thing," he said. Commenting on recent that tether execs are under investigation for bank fraud, Belfort doubled down on his long-time criticism of tether, crypto's biggest stablecoin, calling it a scam and saying he's been "shocked" by how little legal action has taken place so far. In a 2018 , Belfort said he suspected tether was a "massive fraud," arguing that tether issuances could be used to prop up the price of bitcoin. Some academics have drawn , though have differed. Belfort criticized unrealistic price targets for bitcoin and , which he says are used to gin up hype and are disconnected from