- The Wall Street money manager expresses optimism for long-sought crypto legislation.
- Scaramucci highlighted the industry's ace card on Capitol Hill.
The clarifying regulatory changes US crypto investors have long desired will be here by November. Or March 2026 at the latest.
And even though the Trump administration will help shape the new rules, there will be another, more surprising player involved — the Democrats.
That was the message Anthony Scaramucci, a longtime crypto investor and hedge fund manager, delivered at a crypto conference in London on Monday.
‘Scared out of their minds’
By raising more than $133 million in campaign contributions, the crypto industry made a huge impact in the 2024 election.
FairShake, the crypto super-PAC contributed more than $40 million to Bernie Moreno, a Republican car dealer, who upset Senator Sherrod Brown, a three-term incumbent Democrat in Ohio.
“The Democrats are scared out of their minds by crypto political action committees,” Scaramucci said on a panel discussion at the Digital Assets Forum. “There is no reason for them to go hard on this industry.”
‘With Donald Trump, it’s not an a la carte meal.’
— Anthony Scaramucci, SkyBridge
Even so, crypto investors may be shocked by memecoin from Donald Trump, and by the president’s decision to pick a trade war with Canada and Mexico. The latter triggered a market selloff Monday.
But Scaramucci, a Trump critic who famously worked as his communications director for 11 days in his first term, said investors have to take the good with the bad.
“With Donald Trump, it’s not an a la carte meal,” he said. “You don’t go to the table and say, ‘Okay, I’ll take the great crypto regulation and I’ll take lower taxes.’ You also get the grifting memecoins and you get the insanity of tariffs. You are getting the complete menu and the wine list with Donald Trump.”
And crypto’s wish list is quite detailed: the industry wants stablecoin legislation and a law establishing cryptocurrencies as a separate asset class from securities such as stocks and bonds. And that’s just for starters.Passing such measures is important because many institutional investors are still wary of steering their clients toward crypto as long as the rules remain fuzzy.
Crypto players also have to manage considerable legal risk until regulations are implemented.
Crypto cabinet
Scaramucci, the founder and managing partner of New York-based SkyBridge Capital, said Trump’s cabinet is well poised to help deliver on legislation Coinbase CEO Brian Armstrong and other industry leaders have called for.
Wall Street billionaire Howard Lutnick, Trump’s pick as Commerce secretary, supports Tether. And Treasury Secretary Scott Bessent, a hedge fund chieftain, was an investor in BlackRock’s Bitcoin ETF.
Even though Trump’s decision to slap Canada and Mexico with 25% import tariffs has whipsawed markets, Scaramucci said crypto has the mojo to spur Washington lawmakers to deliver for the industry.
“There are guys like Brian Armstrong and others who will not let up now on where they think the regulation needs to go,” Scaramuci said.
“Even if you come up with a Barron coin or an Eric coin, or you pick the number of coins the Trump family is going to put onchain, it’s not going to disrupt that momentum.”
Edward Robinson is the story editor for DL News. Contact the author at ed@dlnews.com.
