In an interview with the Financial Times on Feb. 4, Scaramucci suggested that members of Congress—especially those in tight reelection races—will likely push for “positive crypto legislation” to avoid alienating the industry’s deep-pocketed lobbyists and single-issue crypto voters.

“You’ll probably get it in November of this year, before that recess,” said Scaramucci. “But if you don’t, I don’t think you’ll get it much later than the timeline I’m suggesting.”

According to Scaramucci, lawmakers may introduce a crypto market structure bill as part of a broader push before breaking for the 2025 holiday recess. He hinted at a potential surge in legislative activity as politicians try to solidify their positions on digital assets ahead of an election cycle where crypto-friendly PACs (political action committees) could wield significant influence.

Scaramucci says Bitcoin and crypto are long-term winners, but we’ll see short-term turbulence from the President’s erraticism, he wrote on X.

The Political Calculus: PACs, Elections, and the Crypto Industry’s Growing Clout

With the 2026 midterms on the horizon, House representatives and Senators are acutely aware of the growing power of crypto-backed PACs. The Fairshake PAC, which spent a staggering $131 million on pro-crypto candidates in the 2024 elections, has already signaled its intent to remain aggressive. Lawmakers facing primary challenges or general election battles in swing states may feel pressured to demonstrate their alignment with the industry’s interests.

This strategy has precedent. In 2024, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which aimed to provide clarity on digital asset regulations. However, the bill stalled in the Senate, highlighting the ongoing struggle between regulatory inertia and crypto lobbying.

Scaramucci Calls Out Trump’s Crypto Stunt

Never one to mince words, Scaramucci—who briefly served as Trump’s communications director in 2017—criticized the former president’s crypto stance as opportunistic and transactional. He dismissed Trump’s surprise endorsement of the industry as a cynical play for votes, calling the former president an “unwell” person who has “amassed a lot of political power.”

He also took aim at Trump’s memecoin launch, calling it “bad for the industry.” The TRUMP token, launched on Jan. 17, exploded to a $15 billion market cap in 48 hours before crashing to around $3.5 billion, drawing comparisons to typical crypto pump-and-dump schemes.

The Road Ahead: Will Congress Follow Through?

Despite all the political maneuvering, the real question remains: Will Congress actually pass meaningful crypto legislation? Given the industry’s increasing influence and deep pockets, lawmakers have strong incentives to at least appear proactive. But whether this results in real regulatory clarity—or just more political posturing—remains to be seen.

Much will depend on what David Sacks says at today’s Digital Assets press conference. 

Listen to The Mooch on the Crypto Conversation podcast.