Trump’s Crypto Ventures Open ’Backdoor’ for Corruption—Scaramucci Sounds Alarm
Former White House insider Anthony Scaramucci slams Trump-linked crypto projects as ’ethics minefields.’
Politicians moonlighting as crypto entrepreneurs? Just another Wednesday in the ’decentralized’ swamp.
Bonus jab: Nothing says ’financial innovation’ like recycling old scams with blockchain branding.
The Trump family and crypto
President Trump’s involvement with cryptocurrency has caused growing consternation among Democratic lawmakers, after he announced a gala dinner for top holders of the official TRUMP meme coin—causing its price to go parabolic.
A letter signed by Sen. Elizabeth Warren (D-Mass.) and Rep. Adam Schiff (D-Calif.) warned that the dinner could represent “pay to play” corruption, noting that it offers “exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures.”
Warren has also raised concerns over the USD1 stablecoin launched by World Liberty Financial, a firm co-founded by Trump’s son Eric and crypto investor Zach Witkoff. In a tweet earlier this week, Warren argued that a “shady” $2 billion deal between Emirati firm MGX and World Liberty Financial, which would see USD1 used as the settlement currency for MGX’s $2 billion investment into crypto exchange Binance, could open the door to corruption.
Her intervention comes as Democratic Senators have thrown up roadblocks to the GENIUS Act, forcing Senate Republicans to abandon plans for expedited procedures to advance the bill.
On Tuesday, House Democrats—led by Rep. Maxine Waters—staged a walkout of a hearing regarding digital assets legislation.
"We came close to getting a stablecoin bill, but Trump has been so outrageously brazen with his ownership of a crypto company, a stablecoin,” Waters told Decrypt. “Enriching himself and his family, coaxing investors by bringing them to the White House. It’s just too much."
Edited by Andrew Hayward
