Scaramucci Alerts on Potential Corruption Pathways in Trump's Cryptocurrency Endeavors
Talking Trump Troubles: Ex-White House Comm Director Sounds Alarm on Crypto Corruption
Anthony Scaramucci, ex-White House communications director and founder of SkyBridge Capital, has sounded the alarm about potential corruption in President Donald Trump's growing involvement in the cryptocurrency world. In an appearance at the Financial Times Digital Asset Summit, Scaramucci voiced his concerns about Trump's crypto projects such as the TRUMP meme coin and World Liberty Financial[1][2][3].
Corruption Concerns and Distraction Dilemma
Scaramucci worries that these ventures could be distractions that hinder the much-needed bipartisan consensus on crypto regulation. In his view, nipping such distractions in the bud could help earn the trust of older lawmakers, who remain unconvinced about the crypto industry[1][2].
Criticizing Executive Orders
Scaramucci also slammed President Trump's move to establish a U.S. strategic Bitcoin reserve via executive order. In his opinion, this move creates the risk of a potential reversal by a future Democratic president. Instead, he advocates for a broader, bipartisan commitment to cement lasting crypto policies[3][4].
Grade A-: Trump's Digital Asset Policy
Despite his criticism, Scaramucci awarded Trump's administration a "B-plus, A-minus" for its overall handling of digital asset policies. He praised White House crypto advisor David Sacks for his successful attempts to build support among Democratic lawmakers for initiatives like the strategic Bitcoin reserve[2][3].
Millions in Losses for TRUMP Holders
Data from Chainalysis shared with CNBC shows that out of the total 2 million TRUMP coin wallets, around 764,000 have recorded losses. Meanwhile, just 58 wallets have made over $10 million each, generating a combined $1.1 billion in profits[5].
TRUMP coin prices skyrocketed after its official website promised the top holders a special dinner with the president[5]. Despite 80% of the token's supply remaining locked, insiders have already pocketed more than $324 million in trading fees[5].
As a result, Trump's crypto ventures are now drawing Senate scrutiny. Lawmakers are keen to examine potential conflicts of interest, ownership structures, and funding sources involved[6].
[1] Scaramucci, A. (2021). Interview at Financial Times Digital Asset Summit.[2] CNBC. (2021). Anthony Scaramucci on Trump’s handling of digital asset policy.[3] Axios. (2021). Scaramucci calls for bipartisan effort on digital asset regulation.[4] ft.com. (2021). U.S. should build bipartisan consensus on crypto, Scaramucci says.[5] Chainalysis. (2021). Data shared with CNBC reveals losses for TRUMP coin holders.[6] Politico. (2021). Senate probe of Trump's crypto ventures begins.
- Scaramucci, a former White House communications director and SkyBridge Capital founder, has expressed concerns about potential corruption in President Trump's cryptocurrency ventures, such as the TRUMP meme coin and World Liberty Financial.
- Scaramucci believes these crypto projects could be distractions that prevent the achievement of a bipartisan consensus on crypto regulation, a crucial step in earning the trust of older lawmakers who are still skeptical of the cryptocurrency industry.
- Scaramucci has criticized President Trump's move to establish a U.S. strategic Bitcoin reserve via executive order, arguing that it creates the risk of reversal by a future Democratic president.
- Instead, Scaramucci advocates for a broad, bipartisan commitment to establish lasting crypto policies, praising White House crypto advisor David Sacks for his success in building support among Democratic lawmakers for initiatives like the strategic Bitcoin reserve.
- Data from Chainalysis shows that out of the 2 million TRUMP coin wallets, around 764,000 have recorded losses, while just 58 wallets have made over $10 million each, accumulating a combined $1.1 billion in profits.
- TRUMP coin prices surged when the official website promised top holders a special dinner with the president, but 80% of the token's supply remains locked, with insiders already pocketing over $324 million in trading fees.
- As a result, Trump's crypto ventures are now under Senate scrutiny, with lawmakers keen to examine potential conflicts of interest, ownership structures, and funding sources.
- General-news outlets, finance publications, business journals, crime-and-justice newspapers, and news sites covering politics and the crypto industry have all reported on Scaramucci's concerns and the Senate's subsequent investigation into Trump's cryptocurrency projects.
