Carlyle Group co-founder David Rubenstein acknowledged on Sept. 2 that he has invested personally in a number of crypto companies, and is optimistic about the industry’s path to regulation in the United States.

Speaking with CNBC’S Squawk Box on Thursday, the billionaire said he believes that government regulation will be positive for the industry, and that the U.S. Congress will tak a collaborative approach to boost an innovation environment in the country.

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

Previously skeptical about cryptocurrencies, Rubenstein reportedly changed his mind months ago. He told 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 reiterated his new perspective on Thursday, saying: “some of the blockchain related investments and things associated with crypto are likely to be with us for some time.” He added:

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

In December 2020, blockchain infrastructure provider Paxos raised $142 million in Series C funding led by Declaration Partners, an investment adviser to Rubenstein’s family office.

Rubenstein co-founded the Carlyle Group in 1987. The private equity firm has $167 billion in assets under management and over 270 active companies in its portfolio. At press time, his real time net worth was estimated by Forbes at $3.3 billion.