Kevin O’Leary says Congress will revisit Clarity early next year as crypto tax bill advances
The Shark Tank investor says Congress will face pressure to revive crypto market structure legislation as it moves to establish tax rules for digital assets.
Shark Tank host and veteran investor Kevin O’Leary said he’s convinced the Clarity Act will eventually advance in the Senate and could return as soon as the first quarter of next year.
Speaking at the Avalanche Summit in New York on Thursday, O’Leary said he didn’t expect the bill to advance on Tuesday, when it received 49 of the 60 Senate votes needed to proceed.
The legislation sought to establish a broader federal framework for crypto markets, including the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
O’Leary argued that this creates an unusual situation in which Congress is moving toward laying out how crypto activities such as staking should be taxed while broader questions about how the industry should be regulated remain unresolved.