Carlyle Group co-founder David Rubenstein reportedly disclosed details of his personal investment in several crypto firms, sharing an optimistic attitude towards the sector’s path to regulation in America.

Specifically, during his speech with CNBC’S Squawk Box on September 1st, the billionaire reportedly shared his beliefs that authoritative regulation will be positive for the sector, and that the U.S. Congress is going to employ a collaborative approach to amplify an innovation environment locally.

“The crypto constituency is very strong in congress [and] they tend to be very Republican [or] very libertarian. The industry is not likely to be soft when dealing with members of Congress.”

Rubenstein reportedly pulled a reversal on his previous skepticism towards cryptocurrencies months ago. He disclosed via the Colossus’ podcast, “I have not bought cryptocurrencies, but I have bought companies that service the industry because I think the genie is out of the bottle.”

Rubenstein reportedly concreted his freshly adopted perspective on September 1st, claiming: “some of the blockchain related investments and things associated with crypto are likely to be with us for some time.”

“Young people tend to have the intelligence and energy to kind of get trends started.”

In December two years ago, blockchain infrastructure provider Paxos reportedly reeled in $142 million of financial injection via Series C fundraising led by Declaration Partners, an investment adviser to Rubenstein’s family office.

Rubenstein was reportedly the co-founder of the Carlyle Group in 1987. The private equity firm possesses $167 billion in assets under management and more than 270 active firms in its portfolio. 

At press time, his real time net worth was estimated by Forbes at $3.3 billion.