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Trump’s memecoin ventures derailed CLARITY Act, Scaramucci says
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SkyBridge Capital founder Anthony Scaramucci said President Donald Trump’s crypto business interests and memecoin launches derailed the CLARITY Act by costing it Democratic support. At SALT London, he told Cointelegraph that memecoin launches before Trump’s January 2025 inauguration undermined bipartisan momentum after the 2024 election. He called the memecoin activity the “singular reason” the bill failed.
The Senate failed to advance the CLARITY Act on Sept. 15, when a procedural motion received 49 votes in favor and 50 against, short of the 60 needed. The bill sought a federal regulatory framework for digital assets. It also faced disputes over ethics provisions restricting government officials’ crypto interests.
Scaramucci said both parties bore responsibility. Lawmakers tried to put “real teeth” into the ethics provision, but the White House opposed signing it. “There’s culpability on both sides for that deal not going forward,” he said.
The dispute follows scrutiny of Trump’s crypto holdings. In July, five Democratic senators sought hearings into his crypto holdings and potential conflicts of interest. House Financial Services Committee Chair French Hill also acknowledged that Trump’s crypto businesses had complicated legislative efforts.
In August, Public Citizen estimated investors incurred at least $4.7 billion in largely unrealized losses across Trump-related crypto ventures. That included $3.2 billion tied to the Official Trump (TRUMP) memecoin. The group said Trump earned $635 million in memecoin licensing fees in 2025, citing his financial disclosure.
Despite the setback, Scaramucci said the SEC’s approach under Chair Paul Atkins could help tokenization reach “escape velocity.” He suggested sufficient adoption could make it difficult for a future SEC chair to stop or slow the industry. He added it was too early to know whether adoption would reach that point before the next administration.
