SkyBridge Capital founder Anthony Scaramucci has blamed US President Donald Trump’s crypto business interests and memecoin launches for derailing the CLARITY Act, claiming they cost the legislation crucial Democratic support. Speaking at SALT London, Scaramucci told Cointelegraph that the memecoin launches shortly before Trump’s January 2025 inauguration undermined bipartisan momentum for crypto regulation following the 2024 election.
Scaramucci said Democrats who had become more receptive to crypto regulation withdrew their support following the memecoin launches. He described the memecoin activities as the ‘singular reason’ the bill did not pass. The Senate’s failure to advance the CLARITY Act on Sept. 15 saw a procedural motion receive 49 votes in favor and 50 against, falling short of the 60 votes required.
The bill, which sought to establish a federal regulatory framework for digital assets, faced disagreements over ethics provisions restricting government officials’ crypto interests. Scaramucci pointed to disagreements over proposed ethics restrictions, saying lawmakers sought stronger provisions that the White House opposed. ‘There’s culpability on both sides for that deal not going forward,’ he said.
In July, five Democratic senators called for hearings into Trump’s crypto holdings and potential conflicts of interest, citing concerns that his financial ties could influence crypto policy. House Financial Services Committee Chair French Hill also acknowledged that Trump’s crypto businesses had complicated efforts to pass legislation. In August, consumer advocacy group Public Citizen estimated that investors incurred at least $4.7 billion in largely unrealized losses across Trump-related crypto ventures, including $3.2 billion associated with the Official Trump (TRUMP) memecoin.
Despite the legislative setback, Scaramucci said the SEC’s approach under Chair Paul Atkins could help tokenization reach ‘escape velocity,’ with enough adoption to make it difficult for a future SEC chair to stop or slow the industry. He said it was too early to know whether adoption would reach that point before the next administration.