Scaramucci Urges Congress to Pass CLARITY Act for US Financial Leadership

In Washington, the most consequential bills often fail not because of their core purpose, but because they become weighed down by unrelated political battles. The CLARITY Act is now caught in precisely that trap. As a senior political correspondent who has watched countless legislative efforts rise and fall, I see a familiar and frustrating pattern unfolding. This legislation, which aims to establish clear rules for digital asset markets, is being held hostage by a separate, broader fight over federal ethics—a miscalculation that risks America’s financial future.

Markets cannot function in ambiguity. For nearly a decade, American innovators in the digital asset space have operated in a regulatory gray zone defined by enforcement actions and lawsuits rather than clear congressional guidance. This uncertainty doesn’t protect consumers; it pushes innovation, investment and high-paying jobs to other shores. The CLARITY Act represents a rare bipartisan attempt to end this limbo. As Anthony Scaramucci, former White House Communications Director and founder of SkyBridge Capital, argues, the bill’s passage is fundamentally about whether the U.S. intends to lead the future of finance. “Everyday Congress delays,” he writes, “it sends another signal that America is comfortable exporting the next generation of financial innovation.”

The initial ethics debate around the bill was not only legitimate but necessary. Concerns about elected officials trading or promoting digital assets were serious. I share a deep skepticism about the mingling of public office and personal financial gain in any market. Democrats rightly demanded robust provisions, and the legislative process worked: Republicans and the White House agreed to ethics rules that would have been dismissed as unrealistic months ago. This negotiation improved the bill, proving Congress could still forge compromise on a complex issue.

However, the goalposts have now moved. The debate is no longer about incorporating suitable ethics guardrails into a market structure bill. It has morphed into an attempt to use the CLARITY Act as a vehicle to overhaul the entire federal ethics framework for all public officials. This is a different and vastly more complex conversation. Holding this specific financial legislation hostage to that sweeping ambition is a profound strategic error.

No single bill can solve every problem. We never demanded that the Dodd-Frank Act rewrite congressional stock trading rules, or that the CHIPS Act solve political corruption. We understood those were separate issues. The CLARITY Act is being held to an impossible standard because the underlying technology is novel and politically charged. As Scaramucci notes, “There comes a point in every negotiation when the question stops being ‘How do we improve this bill?’ and becomes ‘Are we willing to let the perfect become the enemy of good?'” Congress is at that precipice.

The cost of delay is measured in real economic displacement. Entrepreneurs and engineers are making decisions today. Venture capital is being deployed. Regulatory clarity in places like the European Union and Singapore is actively attracting projects that would have been built in Silicon Valley or Austin. The Senate Banking Committee’s own research indicates a measurable outflow of talent and capital awaiting U.S. regulatory direction. While Washington debates, the world isn’t waiting.

If Congress believes federal ethics laws are insufficient—and I strongly believe they are—it should pass stronger, comprehensive reforms. These should apply consistently across stocks, bonds, real estate and digital assets. But that vital work should be done in separate, dedicated legislation. Conflating the two agendas risks achieving neither.

The CLARITY Act, with its hard-won ethics provisions, is a serious compromise. It replaces uncertainty with rules, fosters innovation under American oversight and provides long-sought consumer protections. It is a testament to what functional, bipartisan lawmaking can still produce. Allowing it to fail over an expanded, last-minute policy demand would be a catastrophic failure of governance. Congress must pass the CLARITY Act before America’s window to lead slams shut.

• Establish clear rules for digital asset markets
• End regulatory gray zone for innovators
• Foster innovation and job creation
• Incorporate ethics guardrails into legislation
• Attract capital and talent to the U.S.
• Enhance consumer protections under regulation