Kevin O’Leary, known for his role in Shark Tank, has pushed back against US Senator Elizabeth Warren’s recent remarks on the Senate’s stablecoin bill.
The bill in question is the GENIUS Act, a bipartisan proposal that would set up the first official rules in the US for issuing stablecoins, digital tokens backed by the US dollar.
In a May 20 post on X, O’Leary said Warren is “confusing politics with progress” and called her reaction “completely deranged”. He stressed that the legislation “has nothing to do with Trump or meme coins”.
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Speaking to The Hill via NewsNation, O’Leary said Warren is turning a serious financial proposal into a political tool. “What she’s doing right now is un-American”, he said.
He also claimed that Warren is against anything related to crypto by saying she suffers from “crypto derangement syndrome”.
Meanwhile, O’Leary described the GENIUS Act as a global digital payment network that puts the US dollar at the center. According to him, it would make the dollar the default currency used in pricing goods and services worldwide.
O’Leary also warned that opposing the bill could delay the development of new technology and push businesses to operate in other countries with clearer regulations. He said the GENIUS Act gives US companies a chance to build better tools for payments and money transfers.
Recently, Lee Jae-myung, head of the Democratic Party and a leading presidential candidate in South Korea, proposed launching a stablecoin backed by the Korean won. What did he say about it? Read the full story.
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