David M Rubenstein

David Rubenstein: Crypto constituency is strong in Congress

David Rubenstein, a billionaire and co-founder of the Carlyle Group, is one of the very rich people who have come out in support of digital currencies. He has publicly proclaimed his support for cryptocurrency in an interview with CNBC.

The wealthy investor said, among other things, that “the greatest riches are amassed by those who disregard common thinking.

He also expressed optimism over bitcoin regulation, stating his belief that U.S. politicians will not want to regulate the cryptocurrency business too much.

The current crisis in the crypto market

“Who knows where cryptocurrency will go,” he said, alluding to potential chances in light of the present crisis, “but right now crypto has been impacted significantly.”

However, he stressed: “But over time, I think the industry is not going to disappear.”

I think the industry is not going to disappear.

David Rubenstein

He told CNBC that he does not believe lawmakers would “attempt to regulate this business disproportionately,” and that “the crypto constituency is extremely powerful in Congress. They tend to be Republican, libertarian, and quite eager to spend money lobbying.

He went on to say, “I believe the industry is not going to be soft in dealing with members of Congress. I think they’re going to be very active, and I think members of Congress will respond by not pushing regulations to do more than what they’re currently doing.”

Crypto Investor

The American philanthropist David Rubenstein, 73, is famous for his wealth and his generosity. He is the co-founder and co-chief executive officer of US-based private equity firm Carlyle Group, as well as a lawyer and financial analyst. Forbes estimates Rubenstein’s net worth at $3.2 billion, and he serves on the boards of the Smithsonian Institution, the Council on Foreign Relations, the Economic Club of Washington, D.C., and the John F. Kennedy Center for the Performing Arts.

“Not just cryptocurrencies themselves, but I have personally invested in the companies surrounding the industry,” Rubenstein said, citing Coinbase (Nasdaq: COIN) as an example of such a company. He added that companies like Coinbase “actually haven’t done so well lately” due to the decline in cryptocurrency prices.

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