O'Leary Sees CLARITY Act Return After Midterms

Billionaire investor Kevin O'Leary predicts that the U.S. Congress will resume discussions on the CLARITY Act, a crypto market structure bill, after the midterm elections.

O'Leary spoke at the Avalanche Summit in New York and addressed this week's Senate rejection of the CLARITY Act, saying 'The probability of passage was 0%, and that's exactly what happened.'

The Senate secured only 49 of the 60 votes needed to advance the bill last Tuesday. O'Leary interpreted the defeat not as the end of the bill but as a delay.

He bases his prediction on the Digital Asset Tax Certainty Act (H.R.10357), which the House Ways and Means Committee passed this week. This bill contains tax provisions covering staking, mining, de minimis transactions, and broker requirements.