SkyBridge Capital founder Anthony Scaramucci reiterated on Monday that Democrats will block the Clarity Act out of "dislike" for President Donald Trump rather than on the merits of the legislation.
It all started during the Wolf of All Streets podcast, in which Scaramucci said that Democrats would do everything possible to block initiatives Trump supports, including the Clarity Act, whose passage could "monetarily benefit" the president.
As a result, he scaled back the odds of the bill's passage to roughly two in five.
Galaxy Digital CEO Mike Novogratz disagreed with Scaramucci's arguments and framed the impasse as ongoing "ethics" negotiations over preventing elected officials from profiting from cryptocurrency while in office.
"There is a very fair compromise out there that both sides [Republicans and Democrats] should agree on," Novogratz said. "Each side still has a few inches to give."
I want Michael to be right about this in the worst possible way fingers crossed that this gets passed but Sen Murphy is a no vote due to the fact that he dislikes Donald Trump. Which is where Washington is right now rather than doing what's right for the people. https://t.co/6iXnILoIf9
Scaramucci Is Not Very Optimistic
Scaramucci said he wants Novogratz to be right about this, but remained skeptical about the bill's passage.
The Bitcoin (CRYPTO: BTC) bull said that Sen. Chris Murphy (D-CT), who is leading a group of Democrats seeking stricter ethics rules, would oppose the bill because he personally "dislikes" Trump.
"Which is where Washington is right now rather than doing what's right for the people," he added.
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Scaramucci said the new ethics rules in the bill aren't perfect, but they're still better than leaving the industry completely unregulated, which would invite "Wild West" labels.
The updated draft of the Clarity Act added new ethics provisions that prohibit federal officials, including the president and vice president, from "issuing or sponsoring" digital assets for profit while in office.
However, seven Senate Democrats who spent months negotiating the bill said in a joint statement that the latest text "falls short" on ethics, consumer protection, illicit finance, and conflicts of interest.
Polymarket prices the odds of the bill becoming law in 2026 at 37% as of this writing.