Anthony Scaramucci, founder of SkyBridge Capital, blamed the failure of the CLARITY Act on Donald Trump’s memecoin launches shortly before his inauguration in January 2025. He said the ventures caused some Democrats to withdraw their support for legislation establishing a federal regulatory framework for digital assets. The US Senate rejected the bill on September 15 by a vote of 49 to 50, short of the 60 votes required. Scaramucci also cited disagreements over ethics restrictions on government officials’ crypto interests, with lawmakers seeking stronger provisions that the White House opposed. Public Citizen estimated that investors lost at least $4.7 billion across Trump-related crypto ventures, including $3.2 billion tied to the Official Trump memecoin.
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