Former White House Communications Director Anthony Scaramucci Expresses Concern Over Trump Family's Expanding Involvement in the Cryptocurrency Industry

Former White House Communications Director Anthony Scaramucci has expressed concern over U.S. President Donald Trump's expanding involvement in the cryptocurrency industry, warning it could

Former White House Communications Director Anthony Scaramucci expressed his concerns regarding U.S. President Donald Trump's involvement in cryptocurrency ventures, which, he warned, could jeopardize bipartisan efforts to establish sound digital asset policies.

What Happened: During the Financial Times Digital Asset Summit, Scaramucci spoke candidly about what he viewed as "distractions" arising from Trump-related crypto ventures. These included a Solana SOL/USD-based meme coin known as Trump TRUMP/USD, a stablecoin being backed by Trump's son Eric Trump and multiple business partnerships with entities like Crypto.com.

According to reports by The New York Times and other publications, these ventures could potentially open "pathways for corruption, bribery, and other sinister behavior."

"Even if we give them the benefit of the doubt," Scaramucci said, referring to the Trump family's crypto interests, "the presence of these ventures complicates efforts to build consensus in Washington, particularly with older legislators still skeptical about crypto."

He acknowledged the Trump administration's overall performance in the crypto sector, rating it a “B-plus, A-minus” and praised crypto advisor David Sacks for effectively building bridges with Democratic lawmakers.

However, Scaramucci criticized Trump's executive order to establish a strategic Bitcoin BTC/USD reserve, arguing that such unilateral action destabilizes long-term stability since a future administration could easily reverse it.

"What's needed is bipartisan commitment, not executive fiat," Scaramucci emphasized, comparing Bitcoin's role in the U.S. economy to essential commodities like oil or rare earth metals.

Why It Matters: Democratic lawmakers have been increasingly critical of Trump's crypto dealings.

Recently, there were reports of an exclusive gala dinner organized by Trump to thank top holders of the TRUMP meme coin, a move that sent the coin's price soaring.

However, Senators Elizabeth Warren (D-Mass.) and Adam Schiff (D-CA) cautioned that the dinner could be perceived as "pay-to-play" politics, suggesting it grants undue access to the presidency in exchange for investment.

Furthermore, Warren has raised flags over potential corruption linked to World Liberty Financial, a firm co-founded by Eric Trump, and highlighted a proposed $2 billion investment by Emirati firm MGX into Binance, to be settled using the firm's USD1 stablecoin, as a key concern.

This escalating controversy has already disrupted the momentum of key crypto legislation. Democratic Senators recently blocked the fast-tracking of the GENIUS Act, a significant piece of crypto legislation, while House Democrats led by Rep. Maxine Waters walked out of a digital assets hearing.

Waters expressed her frustration at the undue influence of Trump's personal financial interests on the progress of legislation.

"We were close to passing a stablecoin bill," she remarked, but Trump's brazen ownership of a crypto company, and using the presidency to attract investors, is unacceptable."