Cryptocurrency Bill 'Stalls' at Senate Threshold...Scaramucci "Because of Republicans"

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As the U.S. cryptocurrency market structure bill stalled at the Senate threshold, a direct criticism emerged, accusing Republicans of delaying the vote to secure political donations.

According to crypto media outlet Benzinga on August 2 (local time), SkyBridge Capital founder Anthony Scaramucci claimed that Republicans are intentionally delaying the processing of the U.S. cryptocurrency market structure bill. He suggested it appears to be a strategy to blame Democrats and then receive political donations from the crypto industry.

Scaramucci urged the bill to be brought to the Senate floor via X (formerly Twitter). He stated, “We need to see who actually supports the bill and who opposes it.” He added, “It feels like Republicans are blaming Democrats for not passing the bill and then trying to get donations from the crypto industry in the fall.” He also argued that funds should not be provided to Republicans until the bill is voted on.

Scaramucci pointed out that Democrats are also opposing the bill to prevent former U.S. President Donald Trump from gaining political achievements. He argued that Republicans are delaying the process to secure funds from the crypto industry before the midterm elections. He criticized both parties for prioritizing partisan interests over the content of the bill.

U.S. Senator Cynthia Lummis, who has supported the bill, refuted the claim that Republicans are blocking its progress. Lummis said, “I understand the frustration,” and “We are doing everything we can to bring the bill to the floor and pass it.” She emphasized, “We are ready to complete the bill's processing to the very end.”

The U.S. cryptocurrency market structure bill contains provisions that distinguish the supervisory powers over digital assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The U.S. Senate is scheduled to go into recess on August 7. If the bill is not processed before the recess, the next realistic voting time is September. If the vote fails again in September, there is a high possibility that processing will be pushed back until after the November midterm elections.

Prediction market Polymarket reflected a 31% chance that the U.S. cryptocurrency market structure bill will be finalized into law by 2026. Scaramucci warned that if Democrats block the bill due to animosity towards Trump, they will regret it in the November midterm elections. The bipartisan standoff over the bill's processing is leading up to the final voting schedule before the Senate recess.

[Key Summary of Article]

- Scaramucci claimed that Republicans are delaying the bill's vote to blame Democrats and receive donations from the crypto industry.

- Senator Lummis refuted this, stating that Republicans are doing everything possible to introduce and pass the bill.

- As the Senate goes into recess on August 7, Polymarket reflected a 31% chance of the bill passing within the year.

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