Kevin O’Leary, also known as “Mr. Wonderful”, of Shark Tank has done an about-face on cryptocurrency. Once dismissive of Bitcoin, he now forecasts a trillion-dollar crypto boom but only if U.S. lawmakers hit the regulatory mark. Here’s how he believes Congress could build the “ladder” to that blockbuster outcome.
From Crypto Skeptic to Big-Time Believer
Kevin was once an outspoken crypto critic, famously deriding Bitcoin as “garbage.” Today, he’s not just talking crypto, he’s heavily invested in it.
Now, Kevin O’Leary holds about 19.4% of his portfolio in crypto-related assets, according to Moneywise.
Speaking at the Consensus crypto conference in Toronto, he admitted: “I never thought I’d say this, but I want more regulation, and I want it now.”
Mr. Wonderful warned that after nearly two decades of crypto’s steady growth, the industry has hit a “wall” in assets under management (AUM). He says, once a few key U.S. Congress bills act as a “ladder” for the crypto industry to climb over the current regulatory “wall,” the trillion-dollar boom forecast would be just steps away.
Kevin also noted that Trump has already seen a huge jump in his net worth thanks to crypto. According to Forbes, the US president has cashed in on about $1 billion on crypto, bringing his overall net worth to an estimated $5.6 billion.
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Two US Congressional Bills That Could Give Crypto A Trillion-Dollar Boost
One of the key bills in Kevin O’Leary’s plan is the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), signed into law in July under the Trump administration.
Senator Kirsten Gillibrand, one of its sponsors, says the law will protect consumers, foster responsible innovation, and safeguard the dominance of the U.S. dollar.
Analysts predict the GENIUS Act could add $2.5 trillion to the crypto market by regulating stablecoins.
The Shark Tank judge, O’Leary, believes this is a direct challenge to the inefficiencies of the traditional currency trading market.
He said in Toronto that, “Currency trading is a multitrillion-dollar market. And it’s old and ugly and inefficient. The biggest threat to that monopoly or oligopoly, if you want to call it that, is a stablecoin that’s regulated.”
The other bill on Kevin’s radar is the Digital Asset Market Clarity Act, nicknamed the CLARITY Act. It passed the House in July with a bipartisan 294–134 vote and is now in the Senate. It proposes a new regulatory regime:
- Grants the CFTC authority over digital commodities and intermediaries
- Preserves limited SEC jurisdiction over primary-market crypto fundraising
- Introduces exemptions from certain SEC registration requirements
While the GENIUS Act is already law, the CLARITY Act is still awaiting Senate approval.
Kevin O’Leary’s Vision
O’Leary believes these bills form the essential “ladder” for crypto to climb past its current stagnation and toward a multi-trillion-dollar surge. With stablecoins insulated from volatility and a defined framework for digital asset markets, institutional players could confidently enter.
Kevin’s shift from skeptic to strategic investor highlights crypto’s growing legitimacy, provided the right rules are in place.
