During a discussion at the SALT London summit, SkyBridge Capital founder Anthony Scaramucci said former President Donald Trump’s involvement in a series of memecoin projects disrupted the bipartisan drive behind the CLARITY Act. Scaramucci argued that the timing of those token launches—just weeks before Trump’s January 2025 inauguration—prompted Democratic lawmakers who had been receptive to digital‑asset regulation to retreat, weakening the bill’s chances.

Legislative Background and Senate Outcome

The CLARITY Act, drafted after the 2024 election, sought to set up a federal framework for overseeing digital assets and included provisions aimed at preventing officials from holding personal crypto positions. On September 15, a Senate motion to move the legislation forward received 49 votes in favor and 50 against, missing the 60‑vote supermajority required. Scaramucci noted that disagreements over how stringent the ethics clause should be—favored by many lawmakers but opposed by the White House—also contributed to the deadlock.

Trump’s Crypto Activities and Reported Losses

Consumer‑advocacy group Public Citizen calculated that investors may have incurred roughly $4.7 billion in largely unrealized losses across Trump‑linked crypto ventures, including about $3.2 billion tied to the Official Trump (TRUMP) memecoin. The organization cited Trump’s 2025 financial disclosure, which listed $635 million in licensing fees from those tokens. Earlier, five Democratic senators had called for hearings into the former president’s crypto holdings, citing possible conflicts of interest, while House Financial Services Committee chair French Hill acknowledged that Trump’s business interests complicated the legislative process.

Looking Ahead

Observers will watch how the SEC, under Chair Paul Atkins, proceeds with token‑related initiatives despite the legislative setback, and whether a future administration will revive the CLARITY Act or propose a new regulatory scheme. Upcoming Senate sessions and any hearings into Trump’s crypto activities will be key signals for the direction of U.S. digital‑asset policy.