Kevin O'Leary Predicts Crypto Market Structure Bill To Pass Before Midterms—He Even Has A Date

Core Viewpoint - Renowned investor Kevin O'Leary predicts that cryptocurrency market structure legislation will be passed before the midterm elections, specifically estimating May 15 as the potential passage date [2][3]. Group 1: Legislative Insights - O'Leary expresses optimism about the legislation, noting that staffers are dedicating significant time to the bill, which he believes is crucial for its passage [2]. - The stablecoin rewards issue is identified as the primary obstacle, causing 90% of the delays and uncertainty surrounding the legislation [3]. - O'Leary criticizes the current situation as unfair, particularly regarding a clause that may prevent cryptocurrency platforms from offering rewards on idle stablecoin balances, calling it "un-American" [3]. Group 2: Industry Reactions - Mike Novogratz, CEO of Galaxy Digital Inc., shares a similar view to O'Leary, suggesting a compromise where rewards would apply to usage rather than balances [4]. - Coinbase's withdrawal of support for the bill led to an indefinite postponement of its markup, highlighting the fragility of legislative progress [4]. - Brian Armstrong, CEO of Coinbase, advocates for a "level playing field" for cryptocurrency companies and supports users' rights to earn a 3.8% yield on stablecoins [5]. - Ripple CEO Brad Garlinghouse acknowledges the legislation as a "massive step forward" despite its flaws, encouraging the industry to remain hopeful about the delayed bill [5].