Key Points:
- Lawmakers may push for crypto-friendly legislation before the 2026 midterms.
- A crypto market structure bill could emerge before the 2025 holiday recess.
- Political action committees (PACs) are set to influence the upcoming elections.
Crypto Regulation on the Horizon
Anthony Scaramucci, founder of SkyBridge Capital and former White House communications director, believes that U.S. lawmakers will introduce crypto regulation by November 2024. In a recent interview with the Financial Times, Scaramucci suggested that members of Congress seeking reelection in 2026 would prefer to align with the crypto industry rather than oppose it.
Congressional Push for Crypto Legislation
Scaramucci predicts that lawmakers in both the House of Representatives and the Senate, particularly those in swing districts or facing primary challenges, will aim to establish a record of supporting pro-crypto legislation. He anticipates a surge of legislative activity before the 2025 holiday recess, including the potential introduction of a comprehensive crypto market structure bill.
“You’ll probably get it in November of this year, before that recess,” Scaramucci stated. “But if you don’t, I don’t think you’ll get it much later than the timeline I’m suggesting.”
PACs and the Political Influence of Crypto
As the 2026 elections approach, lawmakers running for reelection could face pressure from well-funded PACs supporting or opposing their stance on crypto regulation. The Fairshake PAC, a major industry player, spent approximately $131 million on media campaigns for candidates in the 2024 elections and has indicated it will continue its aggressive approach leading up to 2026.
Legislation in Limbo
In 2024, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill aimed at clarifying crypto regulations. However, the U.S. Senate did not bring the bill to a vote, leaving its future uncertain.
Scaramucci Criticizes Trump’s Crypto Moves
Beyond regulation, Scaramucci also criticized former President Donald Trump’s engagement with the crypto industry, particularly his launch of the TRUMP memecoin. The token, which surged to a $15 billion market capitalization within 48 hours, later plummeted to $3.5 billion. Scaramucci called the initiative “bad for the industry,” comparing it to various scams that have plagued the crypto space.
With growing political and financial interest in digital assets, the coming months could prove crucial for the future of U.S. crypto regulation.
