The Bipartisan Push for Crypto Regulation in the U.S.: Insights from Kevin O’Leary
In an interview with Decrypt, O’Leary highlighted that the outcome of the November presidential election might not significantly sway the direction of cryptocurrency regulation. “This is becoming bipartisan,” O’Leary stated, underscoring the widespread legislative momentum that transcends party lines. “We’re going to have crypto policy, regardless of who goes into the White House.”
While former President Donald Trump has openly declared himself a “crypto president,” actively courting digital asset enthusiasts with bold promises, Vice President Kamala Harris has not yet detailed her stance on this burgeoning industry. Despite this, O’Leary sees potential in Harris’s lack of a defined crypto policy. “She has no track record at all, which is probably in some ways a benefit for her,” he remarked. “She’s got a blank slate. She can start bringing policy in any way she wishes.”
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The urgency for a regulatory framework was echoed by Senate Majority Leader Chuck Schumer (D-NY) who, during a virtual town hall organized by Crypto4Harris, committed to passing crypto regulation by year-end. The event underscored the legislative focus on not ignoring the crypto sector’s growth and challenges.
Earlier this year, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which proposes a structured market for cryptocurrencies. The bill saw significant support from Democrats, although it faced opposition from most Republican members.
O’Leary, who has previously testified before Congress regarding cryptocurrency and was a spokesperson for the now-defunct FTX exchange, has been actively involved in shaping crypto legislation. “I’ve been working on the Hill now for three years across several crypto bills,” he shared, indicating the increasing inevitability of formal legislation.
Mark Cuban, another “Shark Tank” star and a participant at the Crypto4Harris event, has also engaged with the Harris campaign on crypto-related issues. Navigating the Bipartisan Path, O’Leary views these discussions as positive steps toward establishing a concrete crypto platform, noting, “I think the more they do with any resource to develop policies is very good. But there’s a lot of policy on the Hill already.”
For more insights into the evolving landscape of blockchain and cryptocurrency regulation, explore our extensive coverage on blockchain opportunities for new graduates and navigating the legal complexities in crypto recruitment post-FTX collapse.
