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Big funds are impatiently waiting for clearer U.S. regulations regarding crypto assets, according to “Shark Tank” star Kevin O’Leary. 

"There are billions of dollars out there waiting for policy," the investor said at the Bitcoin Miami conference Wednesday.

"What we're missing is policy. When we get the policy, and the regulator regulates, that's not a negative thing," he added.

"The spigots of capital are going to flood into this sector as you've never seen. So for those of us that can invest in it now — you're getting ahead of what's going to be a huge wave of interest when policy occurs."

O’Leary has been in Washington DC discussing the matter with lawmakers. He said he’s motivated by their willingness to collaborate with colleagues on legislation around blockchain technology. 

"The good news is, on a bipartisan basis, there are many senators and reps that are thinking about this in a proactive way," he said in his keynote speech.

"So I'm going to give you what I'm calling the 'five vectors of policy', and give you an update on where we're at on this stuff."

One of the five vectors is a bill co-led by Sen. Cynthia Lummis. It tackles taxes and securities in crypto. The Responsible Financial Innovation Act aims to clarify the definition of a crypto broker, set up a self-regulatory body for digital assets, and set up a framework for taxation on digital asset gains.

"The president himself in his direct order, his executive order, talked about crypto as something that he wouldn't make illegal, that was the most important message in there," he said.

"If it [stablecoins] are backed by the U.S. dollar, it will become the reserve currency of the Earth. That's what will happen, and why would we want to give that up to any other country? Why would we ever give up that innovation?" O'Leary said.