O'Leary Drops Bombshell: This New Crypto Exchange to Outpace … – Crypto News Flash

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Kevin O’Leary, prominent ‘Shark Tank’ investor and Chairman of O’Leary Ventures, recently shared his perspective on the potential impacts of the government shutdown. Speaking on Fox Business show Varney & Co., O’Leary opined that such shutdowns, typically resolved within ten days, are not of major concern to investors. 
While acknowledging the inherent political consequences, he underscored the distinction between a government shutdown and a debt default. O’Leary believes these events hurt politicians more than markets, pointing to their shortcomings in effective governance.
Recently, the U.S. Senate prevented a looming government shutdown by approving a temporary funding bill just hours before federal agencies were set to close. This bill, titled HR 5860, now grants an extended 45 days to finalize budgetary plans. Its omission of additional financial aid for Ukraine’s ongoing tensions with Russia is worth noting.
Shifting the focus to digital currency regulation, O’Leary articulated concerns regarding the United States’ current stance. He recalled attending a recent digital currency hearing, where SEC Chairman Gary Gensler faced mounting criticism. O’Leary painted a vivid picture, likening the session to Gensler being “fried like a chicken.” The crux of the investor’s worry lies in Gensler’s regulatory approach, which, in O’Leary’s view, threatens the nation’s forefront position in crypto innovation.
In a potentially game-changing revelation, O’Leary unveiled Abu Dhabi’s plans to initiate a new digital currency exchange termed M2. This venture, backed by substantial funds, promises compliance and transparency, aiming to supersede giants like FTX and Binance facing U.S. regulatory challenges. The introduction of M2 underscores a potential shift in the crypto innovation epicenter away from the U.S. Further spotlighting regulatory challenges faced by platforms like Binance and FTX. 
Virtual Assets Trading platform, @M2Exchange, has been granted an FSP from #ADGM #FSRA, allowing #M2 to operate a dynamic multilateral trading facility and provide secure custody services for #virtual_assets to #UAE residents, catering to both institutional and retail clients.… pic.twitter.com/JuYjnsbvPY
— Abu Dhabi Global Market (@ADGlobalMarket) August 16, 2023

Adding layers to the debate, two crypto-related legislative proposals are navigating the corridors of Congress. Their progress, however, is impeded by Chairman Gensler, leading to discernible frustration among lawmakers and igniting conversations about the potential migration of innovation hubs to countries like the UAE.
Navigating the complexities of the commercial real estate landscape, O’Leary raised alarms about imminent challenges, particularly for regional banks. The problem, as he outlined, revolves around the refinancing of buildings. Financed initially at lower interest rates, these establishments now face the daunting prospect of refinancing at rates nearly triple their initial percentages. This predicament stresses the loan books of regional banks and may subsequently ripple down to small businesses.
To offset the impending dangers, O’Leary championed a plan by Senator Hagerty. This proposal, far from a mere bailout, aims to safeguard payroll accounts in jeopardized banks, ensuring coverage of up to $100 million for 24 months. The overarching goal here is the preservation of American jobs.
Rounding off his commentary, O’Leary emphasized the value of his monthly Washington visits. He advocates for a hands-on approach and posits that real change arises from direct interactions with policymakers and their aides. He suggests that merely resorting to passive channels is insufficient in the grander scheme of policy influence.

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