U.S. President Donald Trump’s meme coin and other crypto businesses create “pathways” for corruption, according to short-lived White House Communications Director and founder of SkyBridge Capital, Anthony Scaramucci.
Speaking at the Financial Times Digital Asset Summit, Scaramucci argued that the Trump family’s involvement with crypto—which includes the president's Solana meme coin, World Liberty Financial, a Trump Media tie-up with Crypto.com, and more—serves as a “distraction” that's standing in the way of bipartisan consensus around crypto.
“Let's give them all the benefit of the doubt,” Scaramucci said of the Trumps and their crypto dealings. “But I do think that there's pathways for some level of corruption, potential bribery and ‘sinistership,’ if you will. And I think we would just want people not to have those pathways, or to take that completely off the table.”
Removing those “distractions,” said Scaramucci—who served under President Trump for a matter of days in 2017—“makes it easier for older people that are still skeptical about crypto, that are in the Congress.”
Scaramucci gave the Trump administration a “B-plus, A-minus” grade for its handling of crypto, noting that White House crypto czar David Sacks has “generally done a good job,” and crediting his efforts to bring Democratic lawmakers on their side regarding the U.S. strategic Bitcoin reserve.
“There has to be a bipartisan commitment” on the crypto reserve, Scaramucci said. “I don't think the President signing a strategic Bitcoin reserve through executive order was the answer for the United States,” he argued, since it enables a future Democratic president to rescind the order.
“I think we want there to be a bipartisan commitment and no debate about what should be in the reserve,” Scaramucci said, likening crypto to other commodities held by the U.S. as strategic reserves. “There's no debate in the Congress about whether or not we should have rare earth minerals or oil in our strategic reserve,” he added.
The Trump family and crypto
President Trump’s involvement with cryptocurrency has caused growing consternation among Democratic lawmakers, after he announced a gala dinner for top holders of the official TRUMP meme coin—causing its price to go parabolic.
A letter signed by Sen. Elizabeth Warren (D-Mass.) and Rep. Adam Schiff (D-Calif.) warned that the dinner could represent “pay to play” corruption, noting that it offers “exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures.”
Warren has also raised concerns over the USD1 stablecoin launched by World Liberty Financial, a firm co-founded by Trump’s son Eric and crypto investor Zach Witkoff. In a tweet earlier this week, Warren argued that a “shady” $2 billion deal between Emirati firm MGX and World Liberty Financial, which would see USD1 used as the settlement currency for MGX's $2 billion investment into crypto exchange Binance, could open the door to corruption.
Her intervention comes as Democratic Senators have thrown up roadblocks to the GENIUS Act, forcing Senate Republicans to abandon plans for expedited procedures to advance the bill.
On Tuesday, House Democrats—led by Rep. Maxine Waters—staged a walkout of a hearing regarding digital assets legislation.
Edited by Andrew Hayward
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