SkyBridge Capital founder Anthony Scaramucci blamed US President Donald Trump’s crypto business interests and memecoin launches for derailing the CLARITY Act, saying they cost the legislation Democratic support.
Speaking with Cointelegraph at SALT London, Scaramucci said the memecoin launches shortly before Trump’s January 2025 inauguration undermined bipartisan momentum for crypto regulation following the 2024 election.
“Singular reason,” Scaramucci told Cointelegraph when asked whether the memecoin activities were the sole reason the bill did not pass. He said Democrats who had become more receptive to crypto regulation withdrew their support following the launches.
The remarks follow the Senate’s failure to advance the CLARITY Act on Sept. 15, when a procedural motion received 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 says both sides share responsibility
Scaramucci also pointed to disagreements over proposed ethics restrictions, saying lawmakers sought stronger provisions that the White House opposed.
“I think it’s the business interests, the memecoins,” Scaramucci said, adding that lawmakers were “trying to put real teeth into the ethics provision” but the White House did not want to sign it.
“There’s culpability on both sides for that deal not going forward,” he said.
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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. The group said Trump earned $635 million in memecoin licensing fees in 2025, citing his financial disclosure.
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.
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