Kevin O’Leary Says Congress May Revisit CLARITY Act as Early as First Quarter of Next Year
Summary
- Kevin O’Leary said he expects the U.S. Congress to resume discussions on the CLARITY Act as early as the first quarter of next year.
- He said pressure to advance a market structure bill will grow after the Digital Asset Tax Clarification Act (H.R. 10357) passed the House Ways and Means Committee and crypto tax rules are put in place.
- O’Leary said once taxes are imposed, policy and a legal framework to govern the crypto market become essential.
Forecast Trend Report by Period
Billionaire investor Kevin O’Leary said the U.S. Congress may resume discussions as early as the first quarter of next year on the CLARITY Act, a market structure bill for digital assets.
O’Leary told CoinDesk on Sept. 17 that the bill had a “zero” chance of passing this time, and that is what happened. He added that lawmakers could take it up again as early as the first quarter of next year.
He also cited the Digital Asset Tax Clarification Act, H.R. 10357, clearing the House Ways and Means Committee. Once crypto tax rules are in place, pressure will build on Congress to again pursue a market structure bill.
“Once taxes are imposed, policy becomes essential,” O’Leary said, stressing that the market needs a legal framework to govern digital assets alongside a tax regime.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.