"Digitising the American dollar" - Shark Tank investor Kevin O'Leary on the latest Bitcoin reserve deal

In an interview with Fox News, Shark Tank investor Kevin O'Leary talked about America's financial landscape and how it is on the verge of change. There is considerable momentum regarding digitizing the American dollar among the Trump administration, ensuring the currency's dominance in global commerce.

This notion, according to Kevin, is gaining strong bipartisan support. He says that this move is "probably the most important and largest aspect of crypto that we could do."

Revealing more, Kevin said that the topic of digitization of the American dollar has been in discussion for almost 5 years now. There were constant legislative efforts, such as the Stablecoin Act introduced by Senator Kirsten Gillibrand as well as the Genius Act by Senator Bill Haggerty, aimed at establishing a regulatory framework for digital assets as well as stablecoins.

Kevin says that by merging these two legislative efforts, a significant step can be taken toward solidifying the digital dollar's future. He says,

"We have been debating the American dollar and digitizing American dollar now for almost 5 years. One act from Gillibrand called the Stablecoin Act and more recently the Genius Act from Senator Haggerty. These acts are going to be merged. They are going to be coauthored."

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Shark Tank investor Kevin O'Leary discusses the Bitcoin Reserve

The Shark Tank investor, Kevin O'Leary, mentions that this digitization will bring about a broader regulatory shift for cryptocurrency in the United States. Comparing, he said that the previous administration, under the leadership of SEC Chairman Gary Gensler, tried to implement regulatory policies through litigation.

As for the new approach that President Donald Trump is working on, it signals a departure from litigation-based policy enforcement towards a better regulatory framework that will be structured.

The Shark Tank investor says that Trump's announcement about the "strategic Bitcoin reserve" is important but not as much as the overarching message about regulatory clarity.

He says that Friday's announcement was not as important as the discussions taking place among the global crypto leaders in Washington, which he also attended. He said,

"The real action was not on Friday, it was Thursday night in dinners being held all over town by these crypto people from around the world coming into Washington. I went there. So that's the signal I got."

Coming to the hard part about this whole announcement, the Shark Tank investor says that there is notable opposition to digitizing the dollar, especially coming from Senator Elizabeth Warren.

She has been a critic of cryptocurrency and thinks that digital assets should have more regulations. But Kevin thinks that her stance might not hold any weight among her party members.

If the US dollar is digitized, it will have widespread implications for both domestic and international markets. It could lead to faster transactions and greater financial inclusion.

It would also reinforce the ability of the US government to maintain economic leadership in the global financial system. Kevin says,

"It's the largest market. It's a multi-trillion-dollar market. And this is the lowest hanging fruit."

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Shark Tank season 16 episodes are released weekly on ABC at 8 PM Eastern Time on Fridays. They are later available to watch on Hulu.