Bitcoin’s next rally hinges on Congress, O’Leary says

Kevin O’Leary says Bitcoin’s next major catalyst has not arrived, even after the asset cleared prior highs. In an X post, the investor argues institutions are waiting for clear US rules before increasing exposure. O’Leary highlights that pension funds, sovereign wealth funds, and large allocators want regulatory clarity on custody, trading, tax, and compliance. He frames crypto’s next phase as “driven less by speculation and more by legislation,” shifting the focus from retail momentum to policy timelines. The backdrop is an active US legislative process. The CLARITY Act remains under debate, aiming to split oversight between the SEC and CFTC and to set rules for exchanges, issuers, and payment stablecoins. The article notes the bill cleared the Senate Banking Committee in May, but later reports cited timing pressure, bank lobbying, and stablecoin-yield disputes—factors that could delay the institutional inflows O’Leary says the market needs. O’Leary also looks beyond Bitcoin, suggesting that regulation could eventually allow one enterprise blockchain network to become a cross-sector business standard. Meanwhile, Bitcoin faces market pressure from broader conditions, including macro sensitivity, ETF flow volatility, and risk appetite. The piece links the June selloff to hawkish Fed expectations, US-Iran tensions, ETF outflows, and leverage dynamics. For traders, the core message is that Bitcoin catalysts may be more policy-led than hype-led, with near-term price action still vulnerable to macro and ETF-driven flows.