Renowned investor and media personality Kevin O’Leary said on Friday that the cryptocurrency market structure legislation would be passed before the midterm elections.
O’Leary Predicts Legislative Breakthrough
During an interview with CoinDesk, O’Leary said he’s “hopeful,” pegging May 15 as the passage date.
“I think it has to because these bills are written by staffers…the staffers are spending on this bill probably 80% of their day right now,” the “Shark Tank” star said.
O’Leary said the stablecoin rewards issue remains the biggest sticking point, responsible for 90% of the ongoing delays and uncertainty. He hoped, however, for some “compromise.”
“It’s ridiculous that that’s not a level playing field,” O’Leary said, referring to the clause that could prohibit cryptocurrency platforms from paying rewards on idle stablecoin balances. ” It’s just unfair, and that’s un-American.”
The Main Hurdle
O’Leary’s observations echoed those of Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz, who sees a compromise where rewards apply to usage but not balances.
Coinbase withdrew its support hours before lawmakers were set to vote on the cryptocurrency market structure bill. The withdrawal led to an indefinite postponement of the bill’s markup.
CEO Brian Armstrong demanded a “level playing field” for cryptocurrency companies and advocated for users’ rights to earn 3.8% yield on their stablecoins.
Ripple (CRYPTO: XRP) CEO Brad Garlinghouse, on the other hand, has called the legislation a “massive step forward” despite its flaws, urging the industry not to give up on the delayed bill.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Kathy Hutchins / Shutterstock.com
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