Kevin O’Leary recently appeared on The Daniela Cambone Show , where he discussed the current state of the U.S. energy sector and broader market trends. O’Leary, known for his outspoken views on business and investment, shared his thoughts on how regulatory changes under the Biden-Harris administration have impacted the economy, particularly in energy and how markets are reacting now.
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O’Leary made it clear that a lot of the recent market movement is due to what he sees as the lifting of “a trillion dollars worth of regulatory pressure.” Reflecting on the Trump administration , he explained how previous deregulation policies benefited multiple industries, especially energy.
"Trump stripped away a lot of the regulation and energy was a huge beneficiary," O’Leary said. According to him, this helped energy companies thrive, creating a more open environment for growth and expansion.
However, O’Leary also pointed out how the Biden administration’s policies reversed some of that. He specifically mentioned how regulations were added to the energy sector, which, in his view, made things harder.
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"Biden-Harris, whether you liked them or not, added a lot of layers of administration and regulation," he said. He noted that natural gas exports were halted and new energy permits became harder to obtain. According to O’Leary, these measures had a cooling effect on the energy sector. "They made it difficult for companies to expand or even get new projects started," he added.
Despite these setbacks, O’Leary believes the market mood is improving. “The market's celebrating a more positive view of expansion,” he said. This shift is partly due to the hope that the regulatory environment might become more business-friendly. With the lifting of certain restrictions, O'Leary believes energy companies and other sectors are seeing more growth opportunities again.
O’Leary also discussed other sectors benefiting from changes in the regulatory landscape, including the cryptocurrency market . In particular, he commented on the recent rumors surrounding the Commodity Futures Trading Commission (CFTC) potentially taking over crypto regulation from the Securities and Exchange Commission (SEC).
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O’Leary remarked that the SEC's litigious approach to regulation may have hindered growth in the digital currency space and that fewer regulations would have been positive.
O’Leary also shared his optimism about technology and finance, particularly digital payments. "I'm a big believer in digital payment systems beyond just tokens and Bitcoin," he said. He sees these systems as essential for the future of global finance, offering potential far beyond what we currently see in the world of cryptocurrencies.
In a final reflection, O’Leary noted that democracy has a way of correcting itself. "When things get too crazy, to the left, to the right, it somehow figures out how to fix itself," he said.
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This article Kevin O'Leary: 'Biden-Harris Regulations Held Back Energy, But Markets Now Celebrate Expansion' originally appeared on Benzinga.com
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