Bitcoin and crypto regulation must be bipartisan

SkyBridge Capital founder Anthony Scaramucci emphasized the importance of bipartisan support for Bitcoin and crypto regulation in a recent discussion on CNBC’s Squawk Box.

Scaramucci noted the urgency of bipartisan collaboration in shaping crypto policies.

“We need to make Bitcoin and the regulation around blockchain and cryptocurrencies bipartisan,” he said.

He and prominent figures such as Mark Cuban and Michael Novogratz have held talks with White House officials to convey the risks associated with what he called the “Gary Gensler, Elizabeth Warren and anti-crypto approach.”

The SkyBridge Capital founder noted that recent market movements were influenced by the German government’s significant Bitcoin sale and distribution of approximately $9 billion worth of Bitcoin (BTC).

Scaramucci also touched on the possible political influence on the future of Bitcoin, stating that Vice President Kamala Harris’ stance could be decisive.

“If Vice President Harris wins the election, I think she will move to the center on Bitcoin regulation,” he suggested.

He also acknowledged the influence of former President Donald Trump, noting that his pro-crypto stance forced Democrats to reconsider their positions.

What does bipartisan support for cryptocurrencies mean?

Bipartisan support for crypto regulation includes collaboration between Democrats and Republicans to create a balanced legal framework for crypto. Both parties will work to provide clear guidelines for the crypto market and ensure consumer and economic protections.

The U.S. House of Representatives recently passed the Financial Innovation and Technology for the 21st Century Act with significant bipartisan support, demonstrating a growing consensus on the need for clear regulation of cryptocurrencies.

The purpose of the bill is to define the roles of the SEC and CFTC in overseeing cryptocurrencies and lay the groundwork for a more structured regulatory environment.

Bipartisan efforts are vital because they help reduce political polarization and create stable and consistent policies. With bipartisan support, legislation like FIT21 can provide the regulatory clarity needed to support crypto growth in the US.

Bitcoin accepted as an asset class

Another focus for Scaramucci was the broader acceptance of Bitcoin as an asset class. He drew parallels with the gradual adoption of disruptive technologies like Uber and suggested a similar trajectory for Bitcoin.

He noted the increasing interest from institutional investors, with institutions such as the State of Wisconsin allocating significant funds to Bitcoin.

Bitcoin 2024

Scaramucci and Trump are set to speak at Bitcoin 2024 this weekend. Rumors are circulating that Trump could discuss 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.

Democratic Party’s presumptive nominee Kamala Harris also had the opportunity to speak at the conference, but her busy schedule did not allow it.

“It’s a loss for him,” Scaramucci said. “He should have been there, but I understand why he wasn’t.”