Congress to Revisit Crypto Tax Clarity Next Year as Bill Advances
Kevin O’Leary says Congress will revisit CLARITY early next year as crypto tax bill advances
Veteran investor Kevin O’Leary said U.S. lawmakers are likely to return to the stalled CLARITY Act, even after the Senate failed this week to move the crypto market structure bill forward.
Speaking at the Avalanche Summit in New York, O’Leary said he expected the Senate’s procedural vote on Tuesday to fail and described the bill’s immediate prospects as having “zero” chance of passing. The motion fell short of the 60 votes needed to advance.
O’Leary framed the setback as a delay rather than an end to the effort, arguing that Congress will face continued pressure to revive market structure legislation as it works on setting clearer tax rules for digital assets.
While the market structure push stalled in the Senate, a separate crypto-related measure advanced in the House the following day. On Wednesday, the House Ways and Means Committee moved forward the Digital Asset Tax Certainty Act, a bill aimed at clarifying tax and reporting rules that affect activities such as staking and mining, as well as certain small transactions.
Together, the back-to-back developments highlight a split pace in Washington: broad rules defining how digital asset markets are regulated are still struggling to advance, while narrower efforts to clarify taxation and reporting are continuing to move through the legislative process.
- What happened: The Senate failed to clear a key procedural hurdle for the CLARITY Act, missing the 60-vote threshold.
- What O’Leary said: He anticipated the vote would fail and said the bill’s near-term chances were effectively nil, but expects lawmakers to revisit it.
- What moved forward: The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act, focusing on tax and reporting clarity for crypto activities.
