O'Leary: Wall Street's tokenization push is hype until Congress passes real crypto law.

Kevin O'Leary told the Consensus conference in Miami that tokenization and bitcoin will remain largely off-limits to major institutional investors until the U.S. passes a comprehensive digital-asset framework. "Tokenization will never be adopted by institutional indexers, ever. Neither will bitcoin, which is still a fringe asset to the big guys," he said, arguing that legal uncertainty makes most digital assets uninvestable for large firms.

O'Leary pointed to stablecoins as proof that clear rules unlock adoption — the GENIUS Act, he said, drove near-immediate uptake. "When that occurs, it's going to change everything," he added, describing a future where compliant, SEC-aligned legislation reshapes institutional participation.

He also noted that 97% of total crypto market value has consolidated into <a class="ticker-mention" href="/en-US/token/btc">$BTC</a> and <a class="ticker-mention" href="/en-US/token/eth">$ETH</a>, with smaller tokens largely &quot;slaughtered.&quot; Long-term, he argued the real…