Anthony Scaramucci – founder of SkyBridge Capital – warns that the Trump family’s crypto activities create “a path” for corruption, distracting Congress from building a legal framework for the industry. Is this a barrier to the future of crypto? Let’s analyze it in detail.
Scaramucci: Trump Distracts With Crypto
Speaking at the Financial Times Digital Asset Summit, Scaramucci argued that the Trump family’s crypto projects—including the meme coin $TRUMP, #WorldLibertyFinancial (WLF), and a partnership with Crypto.com—are “distractions” that are hindering bipartisan consensus on crypto. “While I give them the benefit of the doubt, I still think there’s room for corruption, potential bribery, and ‘bad faith,’” he said. Scaramucci argued that removing these “distractions” would make it easier for older lawmakers, who are skeptical of crypto, to come to a consensus.
Evaluating Trump's Crypto Policy
Scaramucci gave the administration a “B+ to A-” grade for its handling of crypto, praising “crypto czar” David Sacks for doing a good job, especially in convincing Democrats to support a strategic Bitcoin reserve. However, he opposed Trump’s Bitcoin deposit via executive order: “It requires a bipartisan commitment that cannot be canceled by a future Democratic president.” He compared crypto to strategic commodities like oil, which are not controversial in Congress.
Congressional Response: Corruption Concerns
The Trump family sparked controversy when it announced a May 22 gala for the top 220 $TRUMP holders, sending the token’s price soaring 50%. Senator Elizabeth Warren and Representative Adam Schiff called it “pay to play,” warning that access to the president comes in exchange for investments in Trump businesses. Warren also criticized the $2 billion deal between MGX (UAE) and WLF, which uses the USD1 stablecoin on Binance, calling it “shady” and open to corruption. On Tuesday, Representative Maxine Waters led House Democrats in walking out of a digital asset hearing, calling for legislation to ban Trump from crypto businesses while in office: “Trump is brazenly using crypto and stablecoin companies to enrich his family and lure investors to the White House.”
Impact on Crypto Market
This event gives many signals:
Increasing regulatory pressure: Controversy slows GENIUS Act and market structure bill, affecting stablecoins ($240 billion market cap).
Short-term volatility: $TRUMP up 50%, but corruption concerns could hold back Bitcoin ($94,000) and altcoins.
Increased oversight: Pressure from Warren could tighten regulations, impact ETFs (which attracted $1.8 billion last week).
Future Prospects
Although controversial, if Trump and Congress reach a bipartisan commitment in the next 1-2 years, the crypto regulatory framework could boost the market, especially with the fund inflow reaching $3.4 billion last week and the forecast of $330 billion in Bitcoin accumulation by 2029 (Bernstein).
Conclusion: Will Trump Hinder or Promote Crypto?
Scaramucci warned that Trump’s crypto projects – from $TRUMP to USD1 (a $2 billion deal) – create “an avenue” for corruption and distract Congress. While he praised Trump’s crypto policies, he called for bipartisan commitment. Investors should watch closely to assess the impact on markets amid this controversy.
Risk Warning: Crypto investments carry high risks due to price volatility and regulatory uncertainty. Please consider carefully before participating.