Kevin O'Leary Says US Congress Could Revisit Clarity Act in First Quarter of Next Year
Summary
- Kevin O'Leary said he expects the US Congress to resume debate on the Clarity Act as early as the first quarter of next year.
- He said the House Ways and Means Committee's approval of the Digital Asset Tax Clarification Act, or H.R. 10357, would increase pressure to advance a market structure bill once cryptocurrency tax rules are established.
- O'Leary said policy becomes essential once taxes are imposed, underscoring the need for a legal framework to govern the cryptocurrency market.
Forecast Trend Report by Period
Billionaire investor Kevin O'Leary said the US Congress could resume discussions on the Clarity Act, a cryptocurrency market structure bill, as early as the first quarter of next year.
CoinDesk reported on Sept. 17 that O'Leary said the bill had no chance of passing this time. "The odds of the Clarity Act passing this time were 0%, and that's exactly what happened," he said. He expects debate on the bill to restart as early as the first quarter of next year.
He cited the Digital Asset Tax Clarification Act, or H.R. 10357, clearing the House Ways and Means Committee. Once cryptocurrency tax rules are in place, pressure on Congress to revive a market structure bill will grow, he said.
"Once taxes are imposed, policy becomes essential," O'Leary said, stressing the need for a legal framework to govern the cryptocurrency market alongside a tax regime.
JH Kim
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