Anthony Scaramucci, founder of SkyBridge Capital, stated that Donald Trump’s involvement in memecoin projects and crypto business interests hindered the passage of the CLARITY Act. According to Scaramucci, these activities caused Democratic lawmakers to withdraw their support for the legislation, which aimed to create a federal regulatory framework for digital assets.
The CLARITY Act failed to advance in the Senate on September 15, 2026, after a procedural motion secured 49 votes, failing to reach the 60-vote threshold. Scaramucci noted that negotiations were further complicated by disputes over ethics provisions, as lawmakers pushed for stricter rules that the White House opposed.
Concerns regarding potential conflicts of interest were raised in July by five Democratic senators. Additionally, a report from the advocacy group Public Citizen estimated that investors faced at least $4.7 billion in unrealized losses from Trump-related crypto ventures, with $3.2 billion linked to the Official Trump memecoin.
Public Citizen also reported that Trump earned $635 million in licensing fees from memecoins throughout 2025. Despite the legislative failure, Scaramucci suggested that the current SEC approach under Chair Paul Atkins might still foster industry growth and tokenization, though the long-term impact remains uncertain.
