Kevin O'Leary Says New Law to Create First Digital US Dollar Could be Weeks Away

In a recent DailyMail op-ed, Shark Tank star and investor Kevin O'Leary said that US President Donald Trump's pledge to make America 'the undisputed Bitcoin superpower and the crypto capital of the world' is a major sign of an impending gold rush.

'But I won't be mining the rocks. I'm investing in the picks and shovels,' he wrote. The entrepreneur highlighted that during last week's crypto summit in New York City, Trump announced ending former President Joe Biden's 'regulatory war on crypto and Bitcoin' and urged Congress 'to pass landmark legislation creating simple, common-sense rules for stablecoins and market structure.'

He explained that US regulators are finally working to 'bring the crypto cowboys' and unregulated markets under supervision. While the Biden Administration attempted the same by filing lawsuits against crypto platforms and exchanges to bring them in conformity with financial regulations, it didn't work as expected, given that there are 'still too few laws to establish clear rules of the road.'

Crypto Must Be Trustworthy to Work

O'Leary has long advocated for cryptocurrency investing and owns several crypto tokens himself. Cryptocurrencies represent almost 11% of his total investment portfolio.

He believes that Trump's strategy is to incorporate crypto into the world's financial system, but there's a major roadblock. Most invested assets globally are in sovereign wealth funds and pension plans, and they avoid 'cowboy investing.' Hence, if the US government want to make crypto work, it 'must be trustworthy.'

The multimillionaire highlighted a critical law expected to be debated in the Senate in the coming weeks: the bipartisan Genius Act. This legislation would create the first-ever digital US dollar, or a stablecoin, pegged to the value of the US dollar that would minimise volatility. He added that this stablecoin, tied to the greenback, would be regulated, making it safer and more reliable to 'hold and spend.'

Furthermore, countries like China, Russia and some in South America are working to replace the US dollar as the world currency to undermine US influence. Hence, the importance of a US stablecoin cannot be understated.

US Stablecoin to Eliminate Fees

O'Leary explained that if he wants to purchase a watch from a UK watchmaker, he must use a credit card by paying a fee to the card issuer or through a wire transfer that would incur banking fees.

'International commerce is further hamstrung when a buyer is forced to convert their payment into the seller's preferred currency and pay yet another fee,' but a US stable coin would make these transactions virtually free.

O'Leary admits he has investments in several crypto coins, but that isn't the opportunity that piques his interest. He is looking forward to purchasing a portion of the new global digital payment infrastructure founded on a US stablecoin.

He noted that three crypto exchange platforms, Robinhood, Coinbase, and Wonderfi, enable individuals to transact in cryptocurrency and that he is a shareholder of all three companies. 'I am, additionally, a strategic investor in Wonderfi,' the investor added.

He urged investors to imagine the volume of transactions flowing through these platforms globally if the US stable coin became a reality. 'This new digital payment system will unlock a virtual gold mine of commerce and I want to be selling the picks and shovels,' O'Leary concluded.

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