A Scoop on the Trump Family's Crypto Saga 📱💰🗽
Quick Takeaway
- SkyBridge Capital bigwig, Anthony Scaramucci, hints at potential corruption surrounding President Trump's family crypto endeavors.
- Trump's crypto ventures, including meme coins and stablecoins, are seen as a "distraction" for lawmakers considering crypto legislation.
- Despite giving Trump's crypto policy a good grade, Scaramucci advocates for bipartisan commitment on crypto initiatives instead of executive orders.
- Scaramucci worries that the Trump family's crypto dealings could create "pathways for corruption" and "sinistership."
Cruising SCENE U.S. 🌐💰
Trump's Cryptocurrency Ventures Allegedly Pave the Way for Corruption, Claims Anthony Scaramucci
Anthony Scaramucci, the former White House Communications Director and SkyBridge Capital founder, took the Financial Times' Digital Asset Summit stage to tell the world that President Trump's family crypto enterprises - from the president's Solana meme coin to World Liberty Financial, his ties with Crypto.com - may just be shady pathways for corruption and bribery, if you will.
He reckons these crypto endeavors are secretly distracting lawmakers trying to come together on crypto legislation. "Let's give them all the benefit of the doubt," said Scaramucci, who served under Trump in 2017, in the blink of an eye. "But I do think that there's pathways for some level of corruption, potential bribery and 'sinistership,' if you will. And I think we would just want people not to have those pathways, or to take that completely off the table."
Removing such distractions, according to Scaramucci, would make it much easier for aging skeptics in Congress to get their heads around crypto. "Older people still being skeptical about crypto," he said. "But if we remove these distractions, it's easier for them to accept."
As for Trump's crypto policy, Scaramucci gave it a B+/A-. Kudos to White House crypto czar David Sacks for generally doing a good job and bringing Democratic lawmakers on board regarding the U.S. strategic Bitcoin reserve, Scaramucci said.
But Scaramucci isn't a big fan of executive orders when it comes to crypto reserves. "There has to be a bipartisan commitment," he said. "I don't think the President signing a strategic Bitcoin reserve through executive order was the answer for the United States." He argues that a future Democratic president could potentially rescind the order.
"I think we want there to be a bipartisan commitment and no debate," Scaramucci said. "No debate about whether or not we should have rare earth minerals or oil in our strategic reserve," he added.
Trump's Crypto Catastrophe 💣🤑
The Trump family's crypto connections have stirred growing concern among Democratic lawmakers. A gala for top holders of Trump's official meme coin, TRUMP, sent its price soaring, causing consternation.
Critics like Sen. Elizabeth Warren, who signed a letter along with Rep. Adam Schiff, have raised eyebrows over the potential for "pay-to-play" corruption. The letter counts the gala as offering "exclusive access to the presidency in exchange for significant investment in one of the President's business ventures."
Warren has also expressed alarm over the USD1 stablecoin launched by World Liberty Financial, a firm co-founded by Trump's son Eric and crypto investor Zach Witkoff. In a tweet this week, she suggested a shady $2 billion deal between Emirati firm MGX and World Liberty Financial—which would see USD1 used as the settlement currency for MGX's $2 billion investment into Binance—could open the door for pernicious corruption.
Warren's concerns come as Democratic Senators impede the progress of the GENIUS Act, forcing Senate Republicans to abandon plans for quicker measures to advance the bill. Recently, House Democrats led by Rep. Maxine Waters staged a walkout during a hearing on digital assets legislation.
"We came close to getting a stablecoin bill, but Trump has been so outrageously brazen with his ownership of a crypto company, a stablecoin," Waters told Decrypt. "Enriching himself and his family, coaxing investors by bringing them to the White House. It's just too much."
Edited by Andrew Hayward
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[1]: https://www.coindesk.com/policy/2022/04/05/pepe-meme-coin-trump-crypto-creates-potential- paths-for-corruption-says-scaramucci/[2]: https://www.reuters.com/business/us-biden-administration/us-trump-family-crypto-business-gala-approached-warren- committee-2022-03-15/[3]: https://www.politico.com/news/2022/03/18/adam-schiff-elizabeth-warren- letter-trump-dinner-496300[4]: https://thehill.com/policy/cryptocurrency/446317-schiff-warns-shaheen-awan- on-trump-stablecoin-company[5]: https://www.independent.co.uk/news/world/americas/us-politics/anthony- scaramucci-trump-crypto-dinner-b2041311.html
- SkyBridge Capital's Anthony Scaramucci, a former White House Communications Director, suggested that the Trump family's crypto enterprises, including their ties with Crypto.com and Trump's Solana meme coin, could be potential pathways for corruption and bribery.
- Scaramucci expressed concern that these crypto endeavors are distracting lawmakers trying to come together on crypto legislation.
- He argued that removing these distractions would make it easier for skeptical lawmakers to accept and understand crypto.
- Scaramucci gave Trump's crypto policy a B+/A-, commending White House crypto czar David Sacks for his efforts, but criticizing executive orders for creating potential future policy reversals.
- Scaramucci advocated for a bipartisan commitment in crypto initiatives, stating that he believes a future Democratic president could potentially rescind any crypto-related executive orders.
- The Trump family's crypto connections have raised concern among Democratic lawmakers, with Sen. Elizabeth Warren calling attention to potential "pay-to-play" corruption.
- Warren expressed alarm over the potential shady dealings between World Liberty Financial, co-founded by Trump's son Eric, and an Emirati firm MGX, which could open the door for pernicious corruption.
- Democratic Senators are hindering the progress of the GENIUS Act, causing Senate Republicans to abandon plans for quicker measures to advance the bill.
- House Democrats, led by Rep. Maxine Waters, have staged a walkout during a hearing on digital assets legislation, citing the Trump family's crypto activities as a major concern.
- In the world of crypto, Scaramucci's remarks, Warren's concerns, and the actions of lawmakers demonstrate the intertwining of finance, politics, policy-and-legislation, and general-news, making it a dynamic and exciting sphere to watch and participate in.
