Prominent investor and Shark Tank star Kevin O'Leary has set a specific target date for the passage of long-awaited U.S. cryptocurrency market structure legislation. O'Leary, chairman of O'Leary Ventures, stated he expects the bill to clear Congress before the 2026 midterm elections, pinpointing May 15 as his estimated date.
In an interview with CoinDesk, O'Leary revealed that congressional staffers are now deeply immersed in the legislative process, spending "probably 80% of their day" on the bill. He emphasized that "these bills are written by staffers," indicating significant behind-the-scenes momentum.
The primary bottleneck delaying the legislation revolves around stablecoin rewards. O'Leary identified this issue as responsible for approximately 90% of the current uncertainty and delays. The contentious provision could prohibit cryptocurrency platforms from paying rewards on idle stablecoin balances, which O'Leary criticizes as creating an "uneven competitive landscape." Coinbase CEO Brian Armstrong has argued that users should be able to earn yields of around 3.8% on stablecoin holdings.
The friction over this issue has already caused significant disruption. Coinbase withdrew its support for the legislation just hours before a planned committee vote, triggering an indefinite postponement of the bill's markup. This move highlights the deep divisions within the industry regarding the final shape of the regulations.
Industry leaders are now watching for a potential compromise. Galaxy Digital CEO Mike Novogratz has suggested a middle path where rewards would be permitted for stablecoin usage but not for passive balances. Meanwhile, Ripple CEO Brad Garlinghouse has described the overall bill as a "massive step forward" and urged continued collaboration despite the delay.
The push for legislation comes against a challenging market backdrop. Following a peak in October 2025, cryptocurrency markets entered a sharp bear phase, with Bitcoin (BTC) frequently dropping below $90,000 and erasing most of the year's gains. By November 2025, roughly $1 trillion had been wiped from the total cryptocurrency market capitalization. As of the report, Bitcoin was trading around $87,600, facing the risk of a fourth consecutive monthly decline in January 2026 amid ongoing macroeconomic pressures.
