Businessman and television personality Kevin O’Leary deemed Sen. Elizabeth Warren’s (D-Mass.) opposition to the stablecoin legislation “un-American” on Tuesday.
What Happened: O’Leary took to X to express his disagreement with the Democratic lawmaker over the GENIUS Act that aims to establish the first U.S. regulatory framework for issuers of stablecoins.
The “Shark” dismissed Warren’s criticism of the bill as a “Trump product,” arguing that it is crucial for the future of U.S. financial dominance.
“This bill has nothing to do with Trump. This is about a digital payment system that establishes the U.S. dollar as the default currency around the world for price discovery on every commodity on earth,” O’Leary said.
He accused Warren of taking an “un-American” position and one that could lead to other fiat currencies challenging the dollar’s dominance.
“She's confusing politics with progress, and this time, it could cost America dearly,” O’Leary added. “That's not just wrong. It's dangerous.
Warren’s office didn’t immediately return Benzinga’s request for comment.
See Also: Bitcoin Whale Trader Up Over $20 Million In Unrealized Gains On $700 Million BTC, Pepe Positions
Warren had previously urged Congress to vote against the bill, citing concerns that it would enable President Donald Trump’s “crypto corruption” and threaten
Why It Matters: Warren had urged Congress to vote against the bill, citing concerns that it would enable Trump’s “crypto corruption,” threaten national security and give criminals easy access to money.
The bone of contention is the Trump family-backed USD1, currently available on Ethereum (CRYPTO: ETH) and BNB Chain (CRYPTO: BNB). The stablecoin was chosen to close a $2 billion deal between Abu Dhabi investment firm MGX and cryptocurrency exchange Binance.
Despite Warren’s opposition, the Senate voted in favor of advancing the GENIUS Act on Monday, paving the way for the bill’s final passage.
Photo Courtesy: Sheila Fitzgerald On Shutterstock.com
Read Next:
- White House Says Gold Reserves May Be Used to Purchase Bitcoin
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
