SkyBridge Capital founder Anthony Scaramucci is not happy with the banking lobby. On Tuesday, he accused them of pulling a "last-minute effort to stall things" on the CLARITY Act, the crypto market structure bill that's been making its way through Congress.
His frustration was sparked by a Wall Street Journal editorial titled "Clarity for Crypto, Sort Of," which called the legislation a policy landmine full of "regulatory loopholes." The piece specifically flagged concerns about rules that would let crypto companies offer rewards on stablecoin holdings, arguing that could pose risks to banks, especially smaller ones.
Scaramucci, a vocal supporter of the bill, didn't hold back. "Expose them. And expose the ciphers working against progress. Free the system from this nonsense," the Bitcoin (CRYPTO: BTC) bull added. The WSJ didn't immediately respond to a request for comment.
Banks vs. Crypto
The stablecoin rewards issue is a major sticking point between crypto firms and traditional banks. JPMorgan Chase & Co. (JPM) CEO Jamie Dimon has argued that the structure would create direct competition with banks without imposing equivalent safeguards, and he's warned lawmakers to move cautiously on that clause.
Crypto executives, on the other hand, say lawmakers—not financial institutions—should decide the future framework for crypto in the U.S.
Scaramucci's Frustration With Both Parties
Scaramucci has been critical of both Democrats and Republicans for failing to reach a bipartisan compromise on the legislation, which aims to establish clearer rules for the crypto industry. He's accused Republicans of intentionally delaying the bill in the Senate to scapegoat Democrats and later cash in on political donations. At the same time, he's warned Democrats they'll regret resisting the legislation at the ballot box in November.
Time is running out. The Senate heads into recess at the end of this week. If the bill doesn't clear before then, September becomes the next realistic window, and a failed September vote likely pushes it past the midterms entirely. Polymarket currently prices the odds of the bill becoming law in 2026 at just 23%.
