"Breakthrough on digital payment systems" — Shark Tank's Kevin O'Leary claims progress as US moves on stablecoin regulation

The US is advancing on the regulation of stablecoins, and Shark Tank investor Kevin O'Leary has described this development as a "breakthrough on digital payment systems." In a clip from The Daniela Cambone Show posted on April 14, 2025, on his Instagram, O'Leary stated:

“It may be the first piece of crypto legislation passed in the United States around stablecoins. And that will be a breakthrough on digital payment systems.”

The Shark Tank investor highlighted the importance of the current legislation being reviewed, known as the Gillibrand-Hagerty Bill, also referred to as the "Genius Bill." He also explained how its progression could affect both US and Canadian digital financial ecosystems.

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Shark Tank's Kevin O'Leary links stablecoin legislation to the digital payment shift in US and Canada

Stablecoin legislation enters US review

Kevin O'Leary discussed the ongoing markup of the Gillibrand-Hagerty stablecoin bill and its significance for crypto policy in The Daniela Cambone Show. He explained that this bill may be the first crypto-related legislation to pass in the United States, focusing specifically on stablecoins.

“Gillibrand Hagerty Bill, it's called Genius Bill, is being marked up this week,” he said.

The Shark Tank investor connected this move to his decision to maintain a long-term position in WonderFi.

“My whole investment thesis around staying long WonderFi was that at some point, and I've waited years for this now, the US would start to regulate crypto and digital payment systems,” O'Leary stated.

He also referenced USDC, which he described as "the one I use," and noted that it is "backed by the dollar." He explained that additional stablecoins may also receive licenses under the proposed regulatory framework.

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WonderFi's regulated status in Canada

Further, in The Daniela Cambone Show, the Shark Tank investor highlighted WonderFi's position as the "largest" regulated exchange in Canada, stating that it operates under the oversight of the Ontario Securities Commission.

“The assumption, it's always been the case. The OSC will follow in the footsteps of the SEC,” O'Leary explained.

Kevin said this could affect how Canadians engage with digital assets, explaining that there will be "a whole new reason" for them to begin setting up their stablecoins on WonderFi and using it as a "digital payment platform." He also mentioned additional use cases for crypto assets.

“In addition to hedging against inflation with some holdings in Bitcoin or maybe other approved cryptos,” he added.

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Future legislation and cross-border alignment

O'Leary pointed to additional US legislation expected to follow the stablecoin bill, identifying the next step as the "Market Structure Act." He explained that this act is intended to address asset classifications by determining whether certain digital assets, such as Ethereum, are considered a "commodity" or a "security." He said that decisions made by US regulators would influence Canadian policy.

“Once we make these decisions, the OSC will adopt the same policy and that will further bolster the use and the platform of WonderFi,” he said in The Daniela Cambone Show.

O'Leary also referenced earlier phases of the crypto market, describing it as a "rocky road" during the period of the "crypto cowboys." Kevin emphasized that these times are now behind the industry. He pointed out that the current state involves crypto gradually entering "established systems."

“We're now getting into an integration in both the Canadian and US system of crypto into existing financial services across all sectors of the economy,” O'Leary said.

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Shark Tank episodes air on ABC on Fridays at 8 PM ET and stream anytime on Hulu.