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Former White House Communications Director Anthony Scaramucci has raised concerns that President Donald Trump’s growing involvement in cryptocurrency could create ‘pathways for some level of corruption.’
His comments come as new data shows that 58 crypto wallets have made millions on Trump’s meme coin while 764,000 have lost money.
Corruption and Executive Order Critique
Speaking at the Financial Times Digital Asset Summit, Scaramucci criticized Trump’s growing presence in the crypto world, which includes projects like the TRUMP meme coin and World Liberty Financial.
He argued that these ventures serve as distractions at a time when bipartisan consensus on crypto regulation is needed. “Let’s give them all the benefit of the doubt,” Scaramucci said. “But I do think that there’s pathways for some level of corruption, potential bribery and sinistership.”
The SkyBridge Capital founder added that eliminating such distractions could help build trust in crypto among older lawmakers who are still skeptical about the industry.
Although critical of the president’s crypto dealings, Scaramucci gave the Trump administration a “B-plus, A-minus” rating for its broader handling of digital asset policy. He praised White House crypto adviser David Sacks for trying to build support among Democrats for a U.S. Bitcoin Stockpile.
However, he criticized Trump’s move to establish a U.S. strategic Bitcoin reserve via executive order. The 61-year-old believes that by doing so, it creates the risk of a future Democratic president reversing the order. Instead, he argues that “there has to be a bipartisan commitment” for such an initiative.
Millions In Losses for TRUMP Holders
Chainalysis data shared with CNBC shows that of the total 2 million, around 764,000 wallets that bought the TRUMP meme coin have lost money. Meanwhile, just 58 wallets have made more than $10 million each, generating a combined $1.1 billion in gains.
TRUMP experienced a major price rally after its official website promised top holders a seat at a special dinner with the president. The event, scheduled for May 22 at Trump National Golf Club in Washington, D.C., includes a reception for the 25 largest wallets and a White House tour. Interest in the coin surged more than 50% after the announcement, with its market cap peaking at $2.7 billion.
According to Chainalysis, since April 15, about 100,000 new wallets have joined the project. Around 54,000 of these were created shortly after the dinner was revealed. Further, although 80% of the token’s supply remains locked, insiders have already earned more than $324 million through trading fees that are automatically routed to wallets linked to the project.
As a result, the TRUMP coin and World Liberty Financial are now under Senate scrutiny. Lawmakers are examining potential conflicts of interest with the president’s family, its ownership structure, and funding sources.
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