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Renowned investor and media personality Kevin O’Leary said on Friday that legislation on the structure of the cryptocurrency market would be adopted before the midterm elections.
In an interview with CoinDesk, O’Leary said he was “hopeful,” setting May 15 as the passing date.
“I think it’s necessary because these bills are written by staffers…staffers are probably spending 80 percent of their day on this bill right now,” the “Shark Tank” star said.
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O’Leary said the issue of stable rewards remains the biggest sticking point, responsible for 90% of the ongoing delays and uncertainty. However, he hoped for a “compromise”.
Shark Tank Investor @Kevinolearytv on the timing of crypto legislation:
“I will give you my estimate – May 15.” pic.twitter.com/FBncqLN1OT
“It’s ridiculous that the playing field isn’t level,” O’Leary said, referring to the clause that could prohibit cryptocurrency platforms from paying rewards on unused stablecoin balances. “It’s just unfair, and it’s un-American.”
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O’Leary’s observations echoed those of Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratzwhich sees a compromise where rewards apply to usage but not balances.
Coinbase withdrew its support hours before lawmakers voted on the cryptocurrency market structure bill. The withdrawal resulted in an indefinite postponement of the increase in the bill.
CEO Brian Armstrong demanded a “level playing field” for cryptocurrency companies and advocated for the right of users to earn a 3.8% return on their stablecoins.
Ripple (CRYPTO: XRP) CEO Brad Garlinghouseon the other hand, called the legislation a “huge step forward” despite its flaws, urging the industry not to abandon the delayed bill.
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Photo courtesy: Kathy Hutchins / Shutterstock.com
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This article Kevin O’Leary Predicts Crypto Market Structure Bill Will Pass Before Midterms — It Even Has a Date, originally published on Benzinga.com
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