Anthony Scaramucci warned that the clarity bill may not pass the Senate until 2029, citing pressure from the banking lobby and political gridlock as key mechanisms for blocking it. Under the current mechanism, institutional compliance teams cannot approve the allocation of investments to asset classes that lack legal classification.
Custodians operating under ERISA or similar mandates cannot measure performance against an unregulated asset class without exposing themselves to legal liability. Without the Clarity Act establishing clear jurisdictional boundaries between the SEC and CFTC, top-tier tokens – like Solana, Avalanche, and TON – remain in a state of legal limbo that keeps them off the approved asset lists of most major allocators.
The 2029 calendar isn’t just a delay, it’s a different market structure
Scaramucci, founder of SkyBridge Capital, did not describe this as a temporary setback, but rather identified three specific political divisions that made it structurally difficult for the bill to pass in the Senate: Trump’s meme-slinging before his inauguration that alienated pro-crypto Democrats, threats to annex Greenland that undermined the goodwill of NATO allies, and an undeclared military campaign against Iran accompanied by a demand to defend 200 billion dollars. It took up all the time of the Senate.
The result, according to Scaramucci, is that the president’s opposition has become entrenched in opposition to any bill he might consider a victory, including regulating Bitcoin.
He clearly stated this dynamic:
“I don’t see anyone opposing the president who would allow him to win on cryptocurrency policy at this time.”
Historical comparisons show the delay to be more structurally anchored; The Dodd-Frank Act went from crisis to signature in 14 months, and the JOBS Act was passed in less than 12 months. Although the Clarity Act has been under active legislative action since 2023 and was passed by the House of Representatives in July 2025 by a bipartisan vote (294-134), it has still failed to gain traction in the Senate.
The verdict here is simple: Without the law of clarity, institutional adoption is concentrated on Bitcoin, the only asset class that has actually achieved commodity status through the approval of exchange-traded funds (ETFs), while everything below it on the market cap list remains excluded from serious institutional portfolios.
Regulation, through its enforcement, creates a cap on volatility that even investment funds cannot absorb.
The specific problem with extending regulation through enforcement is not that it prevents capital from entering the market, as Bitcoin spot funds have demonstrated that this is not the case. The problem is that enforcement measures become unpredictable, and unpredictable enforcement is structurally inconsistent with the size of institutional positions.
When the SEC opposes a trading platform or token issuer without a legislative framework defining what constitutes a security, headline risks become unpredictable. Institutions modeling risk cannot set regulatory minimums, which means they cannot determine position sizes with confidence. The allocations therefore remain smaller and more liquid than they would be under a specific legal regime.
Arthur Hayes has separately argued that the value of Bitcoin lies precisely in its existence outside the regulatory system. However, this argument does not help compliance officers of pension funds or sovereign wealth funds who need a legal classification rather than a philosophical argument.
“I don’t see anyone opposing the president who would allow him to win on cryptocurrency policy at this time.” – Anthony Scaramucci, SkyBridge Capital, Solana Policy Summit.
Scaramucci noted that “prolonged volatility” is likely for market prices during the remainder of Trump’s term without the law being passed, a ceiling determined not by Bitcoin’s fundamentals but by the absence of regulatory minimums for everything else. As long as enforcement remains the primary market structuring tool, the cap on ETF flows will remain lower than the underlying asset cycle would allow.
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