🌎 Bipartisan Support Urged for Bitcoin and Crypto Regulation

Anthony Scaramucci, founder of SkyBridge Capital, recently emphasized the importance of bipartisan support for Bitcoin and crypto regulation during a discussion on CNBC’s Squawk Box. He highlighted the urgency of bipartisan cooperation in shaping crypto policies.

“We need to make Bitcoin and the regulation around blockchain and cryptocurrency bipartisan,” he stated. Scaramucci, along with prominent figures like Mark Cuban and Michael Novogratz, has been in discussions with White House officials to convey the risks associated with what he termed as the “Gary Gensler, Elizabeth Warren, anti-crypto approach.”

The SkyBridge Capital founder pointed out that recent market movements were influenced by substantial Bitcoin sales from the German government and distributions of around $9 billion worth of Bitcoin. He also touched on the potential political impact on Bitcoin’s future, noting that Vice President Kamala Harris’s stance could be pivotal.

“If Vice President Harris wins the election, I think she moves to the center on Bitcoin regulation,” he suggested. He also acknowledged former President Donald Trump’s influence, indicating that his pro-crypto stance forced Democrats to reconsider their positions.

What Bipartisan Support Means for Crypto

Bipartisan support for crypto regulation involves cooperation between Democrats and Republicans to create a balanced legal framework toward crypto. Both parties aim to provide clear guidelines for the crypto market, ensuring consumer and economic protections.

Recently, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act with significant bipartisan support, demonstrating a growing consensus on the need for clear crypto regulations. The bill aims to define the roles of the SEC and CFTC in overseeing crypto, setting the stage for a more structured regulatory environment.

Bipartisan efforts are crucial as they help mitigate political polarization, creating stable and consistent policies. With bipartisan backing, legislation like FIT21 can provide the necessary regulatory clarity to support the growth of crypto in the U.S.

Bitcoin Accepted as an Asset Class

Another focal point for Scaramucci was the broader acceptance of Bitcoin as an asset class. He drew parallels with the gradual acceptance of disruptive technologies like Uber, suggesting a similar trajectory for Bitcoin.

Scaramucci mentioned the growing interest from institutional investors, with entities like the State of Wisconsin allocating significant funds to Bitcoin.

Bitcoin 2024

Scaramucci and Trump are set to speak at Bitcoin 2024 this weekend. Rumors have circulated that Trump may mention plans for a Bitcoin strategic reserve at the conference, which would solidify Bitcoin as a legitimate asset in the eyes of the U.S. government.

Presumptive Democratic candidate Kamala Harris also had a chance to speak at the conference, but her busy schedule prevented her. “It’s a miss for her,” said Scaramucci. “She should have been there, but I understand why she wasn’t.”