Shark Tank investor Kevin O’Leary has predicted that the CLARITY Act is still a few months away from seeing the light of the day.The U.S.’ crypto market structure bill is presently under review. At a time that the regulators are revisiting the CLARITY Act with crypto industry players to finalize its guidelines, the hype surrounding its finalization is only getting thicker.
O’Leary — who heads the O’Shares Investment Advisors (ETFs) and O’Leary Ventures — has shown optimism that at one point, the market structure bill will indeed be ready.
Predicting a possible timeline he said, “the staffers are spending on this bill probably 80 percent of their day right now, if something else comes along and they come off it, you won’t be able to move it forward. Give you my estimate, May 15.”
The crypto market structure bill will clarify the classification of digital assets, define the extent of intermediary oversight, and establish strong consumer protection guidelines in the U.S. pitches the SEC and CFTC as the principal regulators of the U.S. pitches the SEC and CFTC as the principal regulators of the U.S. crypto market.
The bipartisan draft of the bill approved by both, the Senate Banking Committee that oversees the SEC and the Senate Agriculture Committee that regulates the CFTC, was pushed back by Coinbase’s Armstrong last week
Following Coinbase’s snub on the draft laws, the Senate Banking Committee postponed its markup session on the bill whereas the Senate Agriculture Committee is slated to hold this markup session on January 27.
A number of industry members have been sharing their two cents on the CLARITY Act. BitGo CEO Mike Belshe, for instance, believes that clearer market guidelines would be better for the overall industry health. Meanwhile, Coinbase CEO Brian Armstrong believes that the bipartisan proposal requires amendments.
“There are too many issues, including the erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC,” Armstrong had said commenting on the act, that subsequently acted as a roadblock against its passage.