Scaramucci Warns CLARITY Act Will Die if It Doesn't Reach Senate Vote

The crypto industry is on high alert as the CLARITY Act faces a critical test in the US Senate. With just days remaining before the August recess, the bill's fate hangs in the balance. SkyBridge Capital founder Anthony Scaramucci warns that if the bill doesn't pass, it will suffer a 'brutal death.'

Scaramucci believes the biggest problem is now procedural. Lawmakers have limited time to complete the necessary steps required to bring the bill to the Senate floor. He said they would need to signal the start of this process by Thursday afternoon to keep the legislation on track.

The CLARITY Act has been held up due to an ethics dispute between Democrats and the White House. Initially, Democrats demanded stronger ethics provisions with enforcement mechanisms that would have meaningful consequences. The White House agreed, but lawmakers are now seeking additional powers for state attorneys general to enforce federal ethics rules.