Kevin O’Leary says Congress will revisit Clarity early next year as crypto tax bill advances — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Kevin O'Leary predicted Congress will return to the Clarity Act in Q1 or Q2 after midterm elections, regardless of which party controls Congress
- The Clarity Act failed a Senate procedural vote on Tuesday, receiving 49 of the 60 votes needed to proceed — a result O'Leary said he expected
- The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act, which would establish tax rules for staking, mining, small crypto transactions, and broker requirements
- O'Leary argued the tax bill creates regulatory pressure, saying 'Once you tax, you've got to have policy' and that staking taxation will force broader market-structure rules
- The Clarity Act would define the split between SEC and CFTC jurisdiction over digital assets — a question the tax bill leaves unresolved
Why it matters: The House Ways and Means Committee is advancing tax rules for staking and mining before Congress settles whether those activities fall under SEC or CFTC oversight — a sequencing problem O'Leary says will force a return to the Clarity Act after the midterms. Whoever controls Congress post-midterms inherits the unfinished task of reconciling tax treatment with market structure.
Ask SkimNews
