SkyBridge Capital founder Anthony Scaramucci is crediting a massive surge in industry campaign funding for a sudden shift in legislative urgency, as Senate Majority Leader Chuck Schumer reportedly intensifies efforts to pass a comprehensive crypto market structure bill called the CLARITY Act.
The $193 Million Catalyst
The sudden acceleration of the crypto market structure bill follows a closed-door meeting on Wednesday where Schumer reportedly urged Senate Democrats to get the legislation “over the finish line.”
The urgency is directly linked to an announcement by the crypto PAC (Political Action Committee) Fairshake, which has amassed a $193 million war chest for the 2026 midterms.
Scaramucci highlighted the correlation on X, simply noting, “Money talks.” With the PAC signaling it will aggressively target candidates in the upcoming election cycle, Schumer’s shift is seen as a strategic pivot to prevent a massive exodus of industry donors toward Republican rivals.
Trump Red Line, UAE Ties
Despite Schumer’s push, the bill faces a significant “red line” drawn by pro-crypto Democrats.
The controversy centers on World Liberty Financial (CRYPTO: WLFI), a venture majority-owned by the Donald Trump family, which reportedly sold a 49% stake to a UAE-backed firm for $500 million just days before the inauguration.
While some Democrats have pushed for amendments to prohibit high-level officials from profiting from digital assets, the White House has signaled it is “highly unlikely to budge” on these clauses.
This internal friction complicates Schumer’s efforts to maintain a unified caucus while pursuing the industry’s legislative goals.
The Yield Stalemate
Beyond the political ethics battle, a technical standoff between banks and crypto exchanges remains. The Senate Banking Committee recently pulled the bill from its schedule because banks and credit unions fear a massive “deposit flight.”
At the heart of the dispute is whether stablecoin issuers like Coinbase Global Inc. (NASDAQ:COIN) can offer rewards or yield.
Banks warn that $6.6 trillion in deposits could leave traditional accounts for higher-yielding stablecoins, while Senator Tim Scott (R-SC) argued the debate is “apples and oranges,” framing it as a matter of healthy competition.
As Scaramucci suggested, while the technical details are debated, the $193 million in political capital is the force currently moving the needle.
BTC Drops Despite Regulatory Push
Despite the lawmakers’ efforts to regulate cryptocurrencies, Bitcoin (CRYPTO: BTC) has been in a decline lately.
As of the publication of this article, Bitcoin was trading 8.59% lower at $65,059.56 per coin. It was 48.45% lower than its record of $126,198.07 scaled in October 2025.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
Recent Comments