Scaramucci Wants Congressional Insider Trading Banned

SkyBridge Capital founder Anthony Scaramucci says the upcoming Clarity Act falls short on crypto ethics. While the bill bans federal officials from sponsoring digital assets, Scaramucci argues that lawmakers should apply the same strict logic to insider trading across all markets, not just crypto.

Speaking in a recent interview, Scaramucci pointed out that members of Congress earn modest official salaries, which pushes some politicians toward trading on insider information. He suggested adopting a model similar to Singapore, where officials receive much higher pay in exchange for strict anti corruption rules and zero tolerance for stock trading.

Public trading records show that some congressional portfolios regularly outperform major market benchmarks like the S and P 500. While lawmakers have faced accusations of trading on nonpublic information for years, meaningful reform has stalled despite past attempts by Treasury officials and lawmakers to revive transparency rules.

Whether Congress will tighten these loopholes before the upcoming recess remains to be seen. If the new crypto rules set a standard, lawmakers might face growing pressure to clean up their own trading habits, though past resistance suggests an uphill battle.