Trump’s memecoin ventures derailed CLARITY Act, Scaramucci says The SkyBridge founder said disputes over ethics restrictions also stalled negotiations, with both sides responsible for the setback.
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. Related: Market participants weigh in on SEC’s proposed crypto regulations 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.