"Groundbreaking move" - Shark Tank investor Kevin O'Leary praises the GENIUS Act that regulates Stablecoin

Shark Tank investor Kevin O'Leary recently dropped a video of him sharing his opinion about the GENIUS Act, which was advanced last night in a huge development for the digital asset industry. This marked a milestone in the regulation of stablecoins. The bill was passed with 66 votes.

The GENIUS Act can be understood as the most robust effort by the US legislation to regulate stablecoins and focus on maintaining the US Dollar as the dominant force in the global digital payments and price discovery.

The Shark Tank investor said that Stablecoins are often associated with cryptocurrencies such as Bitcoin, and just like that, this bill aims at something more foundational, that is, cementing the role of the US Dollar in the evolving space of the digital economy.

Kevin mentioned the historic significance of the moment and said,

"This is a groundbreaking move. Congratulations to Haggerty. 66 votes. It now goes to the Senate Thune. I hope he can bring it before the break. We don't know yet. But this is so important for us to compete in digital payment systems around the world, and I know what happens on the flip.

Continuing, he added,

I am sure Schumer had to do something with this. He basically said, 'Look, I don't wanna give them a two-thirds. I'm gonna let them get it through, but I'm gonna hold back on a partisan basis.' That's probably what occurred, but still 66 is enough, it's good enough."

---

Shark Tank investor Kevin O'Leary appreciates the stablecoin regulation

Kevin, the Shark Tank personality, has been a huge advocate of clearer digital asset regulation. This time, he seems to be satisfied with the GENIUS Act and also highlighted the strategic value of the bill that comes with it.

Kevin did not shy back from revealing that Senator Elizabeth Warren was against the whole idea and thus, had held back. She was hoping to derail the bill over concerns such as consumer protection and systemic risk, but despite that, the legislation came through intact and in one piece. Kevin explains,

"This bill is relatively clean as it's a groundbreaker for crypto because once we get this passed, this is not Bitcoin, this is just digital payment systems- but it does assure that the US Dollar becomes the de facto currency for price discovery on commodities.

Concluding, he said,

Who doesn't want that? Elizabeth Warren tried very hard to shut it down. She wasn't successful and I'm happy about that."

Kevin hopes that this bill will usher in a new era of digital payments infrastructure in the United States. This will ensure a global status for the US Dollar while making its own space in a fast-paced market.

---

Shark Tank season 16 episodes are available to stream online via Hulu.