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The crypto CLARITY Act is entering a critical phase in the Senate, with just days remaining before the August recess. SkyBridge Capital founder Anthony Scaramucci says the bill could pass if it reaches the Senate floor, but warns that failing to secure a vote could end its current legislative push.
Ethics Dispute Creates a Fresh Roadblock
Scaramucci said Democrats initially demanded stronger ethics provisions from the White House, with enforcement mechanisms that would have meaningful consequences. The White House reportedly agreed to those demands, but lawmakers are now seeking additional powers for state attorneys general to enforce federal ethics rules.
That demand has created a complicated legal issue, according to Scaramucci.
“You can’t have the state just prosecuting the crypto and not all the other ethical potential violations in the federal code,” he said, arguing that the proposal could require broader changes to federal ethics rules.
The two sides must now find a compromise before the legislation can move forward.
Senate Procedure Could Decide the Bill’s Fate
While the ethics dispute remains a major challenge, Scaramucci believes the biggest problem is now procedural.
With only 14 days remaining before the August recess, lawmakers have limited time to complete the necessary procedural steps required to bring the bill to the Senate floor.
He said lawmakers would need to signal that the procedural process is underway by Thursday afternoon to keep the legislation on track.
The timing has created a crucial deadline for the bill’s future.
If It Gets to the Floor, It’s Gonna Pass
Despite the ongoing disagreements, Scaramucci remains confident about the bill’s chances if it reaches a Senate vote.
“If it gets to the floor, it’s gonna pass,” he said.
His reasoning is largely political. Scaramucci believes younger Democratic lawmakers may not want to directly oppose the crypto industry ahead of the November elections, particularly as crypto-focused political action committees continue gaining influence.
“I think a lot of the younger Democrats are not gonna want to go up against the crypto bros and their PACs come November,” he said.
However, he offered a stark warning about the alternative.
“If it doesn’t get to the floor, it dies a brutal death.”
US Crypto Industry Could Look Overseas
Scaramucci also warned that failure to advance the CLARITY Act could push crypto companies to build outside the United States.
He said industry leaders who have invested significant time and resources into the legislation could eventually decide to move their businesses offshore if regulatory uncertainty continues.
With the August recess approaching, the next few days could determine whether the CLARITY Act advances toward a historic Senate vote or loses momentum entirely.