When it comes to a future regulatory framework for digital assets in the U.S., the winner of November’s presidential election isn’t all that important, according to Kevin O’Leary.
“This is becoming bipartisan,” O’Leary told Decrypt of lawmakers’ legislative push in a recent interview. “We're going to have crypto policy, regardless of who goes into the White House.”
Former President Donald Trump has branded himself a “crypto president” on the campaign trail, courting crypto owners through bold promises. On the flip side, Vice President Kamala Harris has yet to outline her vision for the nascent industry as Democrats’ presumptive nominee.
“Trump, I know, is pro-crypto,” O’Leary said. “I've had a chance to talk to him.”
While the Canadian investor and “Shark Tank” star is eager to learn what crypto policies Harris could have in store, he thinks the silence so far affords Harris with fresh opportunities. Though some crypto advocates aren’t satisfied with the current administration’s approach to digital assets under President Joe Biden, he said that Harris could set a new tone
“She has no track record at all, which is probably in some ways a benefit for her,” O’Leary said. “She's got a blank slate. She can start bringing policy in any way she wishes.”
Earlier this week, Senate Majority Leader Chuck Schumer (D-NY) pledged to pass crypto regulation by the end of the year. Speaking at a virtual town hall organized by Crypto4Harris, a grassroots organization, he argued lawmakers can’t continue to “stick our heads in the sand.”
The Financial Innovation and Technology for the 21st Century Act, or FIT21, was passed in May by the House of Representatives. The bill that outlines a market structure for crypto received support from 71 Democrats, while all but three Republican members voted against the measure.
O’Leary, a one-time spokesperson for the failed crypto exchange FTX, testified before Congress on crypto in 2022. He’s been working “on the Hill now for three years” across several crypto bills, and that the prospect of legislation looks increasingly inevitable, he said.
Among attendees at the Crypto4Harris event was billionaire Mark Cuban, a long-time associate of O’Leary’s through the aforementioned reality television show. Previously, Cuban told Decrypt that Harris’ campaign had reached out with several crypto-related questions.
O’Leary said that that is a welcome sign, hoping it would lead to a concrete crypto platform.
“I think the more they do with any resource to develop policies is very good,” O’Leary said of Cuban’s interactions with the Harris team. “But there's a lot of policy on the Hill already.”
Edited by Ryan Ozawa.