The cryptocurrency market is currently facing a huge amount of pressure, exacerbated by President Trump’s trade war and crumbling macroeconomic conditions. Kevin O’Leary, the self-proclaimed “Mr. Wonderful,” is still bullish. He views the NEGOTIATE GENIUS Act, currently pending in Congress, as one vehicle that could help turnaround this bearish trend. O’Leary believes that the GENIUS Act will soon be adopted by U.S. Congress. Importantly, this legislation will provide much-needed regulatory clarity to stablecoins, increasing the adoption of dollar-backed stablecoins and restoring the market.
That GENIUS Act, first introduced nearly seven years ago and still waiting on its moment in the sun, is at the heart of O’Leary’s rosy predictions. This legislation brings much needed clarity to the regulatory environment for stablecoins. By addressing these foundational issues, it paves the way for broader acceptance and integration into the financial system.
We have been waiting for almost seven years for this legislation. I have a feeling it’s going to make it, and when that happens, it’s a game changer. - Kevin O’Leary
O’Leary expects that the certainty offered by the GENIUS Act will drive more adoption dollars-backed stable coins. As dollar-backed stablecoin adoption increases, prosperity and trust will return to the crypto ecosystem. He agrees that even if the current market pressures are entirely driven by external factors, so what? In so doing, he singles out Donald Trump’s trade war as the most important factor.
Even with the current weakening market, O’Leary remains bullish on Bitcoin. Like any good stock trader, he believes the cryptocurrency should close the year at a peak, driven by pivotal developments such as the upcoming passage of the GENIUS Act. The GENIUS Act is what’s driving the optimism in the third bullet above. It offers some much-needed regulatory clarity in the rapidly developing stablecoin space.
