Kevin O'Leary Says Congress May Revisit Crypto Market-Structure Clarity Act Next Year
Summary
- Kevin O'Leary said the U.S. Congress may resume debate as early as the first quarter of next year on the Clarity Act, a crypto market-structure bill.
- He said pressure to revive the market-structure bill would grow if crypto tax rules are established, citing the passage of the Digital Asset Tax Clarification Act (H.R.10357) through the House Ways and Means Committee.
- O'Leary said that once taxes are imposed, policy becomes essential, underscoring the need for a tax system and a legal framework to govern the crypto market.
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Billionaire investor Kevin O'Leary said the U.S. Congress may resume debate as early as the first quarter of next year on the Clarity Act, a crypto market-structure bill.
O'Leary told CoinDesk on September 17 that the chances of the bill passing this time were zero, and that is exactly how it played out. He added that lawmakers could take up the measure again as early as the first quarter of next year.
He cited the Digital Asset Tax Clarification Act, H.R.10357, clearing the House Ways and Means Committee. O'Leary said that once crypto tax rules are in place, pressure will build on Congress to revive market-structure legislation.
"Once taxes are imposed, policy becomes essential," O'Leary said, stressing that the crypto market needs a legal framework alongside a tax system to govern the sector.
