Anthony Scaramucci Warns: Trump's Cryptocurrency Project May Lead to Corruption
Former White House Communications Director Anthony Scaramucci warned that Trump's involvement in the cryptocurrency space could lead to policy corruption. He cited data indicating that the distribution of profits from Trump's meme coin is highly uneven, with only about 60 wallets profiting while 764,000 wallets face losses, which deeply concerns him.
At the Financial Times Digital Assets Summit, Scaramucci emphasized that both parties need to reach a consensus on cryptocurrency regulation to prevent emerging investments from diverting focus. He warned that some investors are profiting from their relationship with the president, exacerbating corruption risks. He stressed that clearing such distractions is key to gaining the trust of skeptical senior legislators.
Despite criticizing Trump's cryptocurrency dealings, Scaramucci still gave his administration a “B+” or “A-” for digital asset policy. He praised White House crypto advisor David Sacks for garnering Democratic support for Bitcoin reserves but opposed Trump pushing a Bitcoin strategy through executive orders, believing this poses risks for regime change.
The market performance of Trump Coin (TRUMP) has also drawn attention. According to data from Chainalysis and CNBC, 2 million wallets participated in purchasing, but 764,000 wallets are at a loss, with only 58 wallets earning over $10 million.
The Trump Coin website announced that holders could have the opportunity to dine with Trump, with the event scheduled for May 22 at the Trump National Golf Club. Following this announcement, market interest in Trump Coin surged, reaching a market capitalization of $2.7 billion at one point.
Chainalysis also found that since April 15, about 100,000 new wallets have joined the project, with 54,000 created after the dinner announcement. Despite 80% of the token's supply not being unlocked, insiders have already earned over $324 million through associated transaction fees.
However, Trump Coin ($TRUMP) and the World Liberty Financial project are facing scrutiny from the U.S. Senate. Lawmakers are focusing on potential conflicts of interest with the president's family, ownership structure, and sources of funding.
This series of events highlights the complexities and potential risks arising from the intertwining of cryptocurrency and politics, warranting close attention to future developments.
