Tariffs Aren't the 'Right Plan for America': Anthony Scaramucci

Summary

Markets Daily Crypto Roundup: Tariffs Aren't the 'Right Plan for America' with Anthony Scaramucci

Release Date: May 20, 2025
Host/Author: CoinDesk

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Overview

In this episode of Markets Daily Crypto Roundup, hosted by CoinDesk, Anthony Scaramucci, founder of SkyBridge Capital, joins the discussion to delve into the tumultuous landscape of the crypto and stock markets under President Donald Trump's second term. The conversation navigates through Trump's market strategies, the volatility induced by tariffs, advancements in crypto regulation, and the implications of recent allegations linking crypto projects to political influence.

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Trump's Second Term: Increased Confidence and Market Impact

Timestamp: [01:36]

Anthony Scaramucci begins by reflecting on President Trump's journey from his first to his second term, highlighting a significant shift in confidence and execution of presidential duties. He states:

"I think the central thing that has changed is that he is more confident in himself with that job." [01:52]

Scaramucci emphasizes that Trump's decision to purge establishment Republicans has created a loyal administration unchallenged in implementing his agenda. This consolidation of power, however, has led to increased market volatility and economic distress due to policies like tariffs, which Scaramucci deems economically detrimental.

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Stablecoin Legislation: From Bipartisan to Partisan

Timestamp: [03:44]

The discussion transitions to the evolving landscape of stablecoin legislation. Initially a bipartisan issue, it has recently taken on a more partisan tone. Scaramucci expresses optimism about the legislation's passage, predicting:

"That legislation gets passed before the August recess." [03:44]

He argues that Democrats are unlikely to oppose the bill as they seek to avoid alienating pro-crypto voters, whom he describes as "very few anti-crypto voters." This strategic alignment, according to Scaramucci, is pushing the legislation forward despite underlying tensions surrounding Trump's involvement in crypto projects.

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Allegations of Influence Buying and Potential Impeachment

Timestamp: [05:17]

A critical point of discussion arises from recent reports linking a Chinese company’s $300 million investment into Bitcoin and Trump's meme coin, sparking accusations of buying influence. Scaramucci criticizes such actions, stating:

"If you buy enough Trump Meme coin, you can have dinner with the President and get a tour of the White House." [05:17]

He argues that these actions violate the spirit, if not the letter, of the emoluments clause in the U.S. Constitution, tarnishing the country's image. When probed about impeachment, Scaramucci remains skeptical, suggesting:

"I don't think impeaching them again and having a partisan vote in the House and then a partisan vote in the Senate is the answer to America's dysfunctionality." [06:07]

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SkyBridge Capital's Investment Strategies Amid Crypto Policies

Timestamp: [06:38]

Turning the focus to investment strategies, Scaramucci discusses how SkyBridge Capital has navigated the volatile market conditions influenced by Trump's crypto-friendly policies. He notes:

"We've got 35% of our business is tied to digital assets. And so if you just take a look at what digital assets have done over the last two years. We've done very well." [06:47]

Despite market fluctuations, SkyBridge has maintained a strong position in digital assets, underscoring the firm's commitment to the crypto sector amidst broader economic uncertainties.

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Tariffs: A Misguided Policy Impacting Markets

Timestamp: [07:55]

A significant portion of the conversation centers on the impact of tariffs implemented during Trump's presidency. Scaramucci vehemently criticizes these tariffs as "misguided policy," explaining:

"It's misguided policy. President Trump's wanted to do that for 40 years. He's got a group of willing sycophants that are willing to implement the policy alongside of him." [07:55]

He argues that such protectionist measures have undermined the integrated global economy, leading to unnecessary market volatility and chaos. Scaramucci dismisses suggestions that these tariffs were part of a grand strategic plan, humorously likening Trump's approach to ineffective chess play:

"He's playing 19d chess. Okay. He's not. Okay. He's eating. He's sitting in the corner eating the chess pieces." [08:29]

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Crypto Market Resilience and Future Outlook

Timestamp: [09:04]

In concluding remarks, Scaramucci reflects on his enduring commitment to the crypto market. Highlighting his long-term investments and resilience, he shares:

"I'm a long time crypto investor now. You know, this is my sixth year in the business." [09:19]

He expresses optimism for the future, contingent on ongoing support and coverage from platforms like ConsenSys, pledging continued participation as long as he is invited back to share his insights.

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Key Takeaways

• Trump's Leadership: Increased confidence in his second term has led to more assertive policy implementations, contributing to market instability.

• Stablecoin Legislation: Expected to pass imminently, driven by Democratic strategies to align with pro-crypto voter bases.

• Allegations and Ethics: Recent ties between crypto investments and political influence raise constitutional concerns, though impeachment remains uncertain.

• Investment Strategies: SkyBridge Capital maintains a significant stake in digital assets, demonstrating resilience amidst market upheavals.

• Tariffs and Market Impact: Tariffs are criticized as harmful and destabilizing, lacking strategic economic merit.

• Crypto Market Future: Continued investment and engagement are pivotal for navigating the evolving crypto landscape.

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Notable Quotes

• Scaramucci on Trump's Confidence:
  "I think the central thing that has changed is that he is more confident in himself with that job." [01:52]

• On Stablecoin Legislation:
  "That legislation gets passed before the August recess." [03:44]

• Critique of Influence Buying:
  "If you buy enough Trump Meme coin, you can have dinner with the President and get a tour of the White House." [05:17]

• On Tariffs as Misguided Policy:
  "It's misguided policy. President Trump's wanted to do that for 40 years." [07:55]

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This episode provides a comprehensive analysis of the intersecting dynamics of political maneuvers and their profound effects on the cryptocurrency and broader financial markets. Anthony Scaramucci's insights offer a critical perspective on the effectiveness of Trump's policies and the future trajectory of crypto regulation and investment.

Transcript

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[Host]

Welcome to this special edition. Markets daily from ConsenSys 2025. US President Donald Trump's second term in office has been a roller coaster ride for the markets, driving bitcoin to an all time high of $109,000 and plunging U.S. stocks to historic lows. Joining us now to discuss is Anthony Scaramucci, founder of Skybridge Capital. Anthony, welcome to the show.

[Anthony Scaramucci]

Good to be here. Thank you, guys.

[Host]

We were just talking about that massage you got this morning.

[Anthony Scaramucci]

My back. Is my back better? Look, does it look good from the angle? I don't know. I'm trying. I mean, I'm working on my posture. Ladies.

[Host]

Sitting up straight.

[Anthony Scaramucci]

Yeah, yeah. When you're vertically challenged like me, every little bit of posture helps.

[Co-Host]

You got to get ready for the crypto ring.

[Anthony Scaramucci]

By the way, that's a great idea. If you speak at a CoinDesk event, you get a massage.

[Co-Host]

You got to see it to believe it, folks.

[Anthony Scaramucci]

Trying to market for you people.

[Co-Host]

All right, Anthony, you famously lasted 11 days at the White House communications director. You've seen firsthand Trump in the office. You've campaigned with him. What has changed from his first term to his second term in terms of how he's approached the presidency?

[Anthony Scaramucci]

I think the central thing that has changed is that he is more confident in himself with that job. I think if you, and I think this would be true for anybody that's had the job. It's a, it's a job that George Bush, Bill Clinton, they would all say for you that no, no job can prepare you for the job of the US Presidency. So Donald Trump joins Grover Cleveland as the only president to lose an election and then regain the presidency. So those are the only two figures in American history actually had experience at doing the job. And so he's way more comfortable in the job. And he made a decision, rightly or wrongly, to clean out all establishment Republicans from the Republican Party. So people on staff with him now have sort of taken that MAGA test. And therefore, whatever Donald Trump wants to do, President Trump wants to do, we're going to do. There's no pushback. You know, Gary Cohn as an example. They probably wanted to implement those tariffs in 2018. Something like Gary or Steven Mnuchin was like, all right, we're not doing that, and threw it in the, in the waste bag. And so, you know, I, I think that it's leading to some volatility and distress in the markets because those things are not great economically. And then the flip side, there's good parts of the president where he's doing some things well, crypto regulation. I think some of the things he's saying in the Middle east are very positive, but you have this underlying current of nefarious activity that's going to slow things down for people. That's just the facts.

[Host]

We were just talking to Jack about stablecoin legislation. Stablecoin legislation was really a bipartisan issue. Now becoming something that's looking a little bit more partisan. Democrats are saying, you know, they question President Trump's involvement in crypto projects and stablecoins. Curious to hear your thoughts there.

[Anthony Scaramucci]

Well, I think it's still going to get done. I'll make a prediction on your air that that legislation gets passed before the August recess.

[Co-Host]

Oh, that's a bold prediction.

[Anthony Scaramucci]

Yeah, it's aggressive, but I think it's necessary for everybody because if you step back, I don't think the Democrats want to deal with Fair Shake, the political action committee that ousted lots of Democrats in 2024. And I don't think the Democrats have found an anti crypto voter. There are pro crypto and in some cases single issue crypto voters, but there's very few anti crypto voters. So I don't think the Democrats want to be on the wrong side of the stablecoin bill. Are they protesting right now? Because some of the things that Donald, President Trump is doing, you know, I mean, I don't like it. I can understand why they don't like it. Two or three days before you're getting reinaugurated to the presidency, if you're launching a mean coin. Let's just go over this quickly.

[Co-Host]

Yeah.

[Anthony Scaramucci]

58 wallets, 10 million a piece they get. They make over a half a billion dollars. 794,000 people lose $1.1 billion on the coin. It's not right, guys, okay? And so they can justify it any way they want.

[Co-Host]

But last night, the New York Times released that article showing a company with ties to China has said that they are going to invest $300 million into Bitcoin and Trump's meme coin. And so this is raising questions about buying influence to the presidency in public office. Your thoughts?

[Anthony Scaramucci]

If you buy enough Trump Meme coin, you can have dinner with the President and get a tour of the White House. So to me, it's too conjoined, I think. I think you're over the line of what is right. Remember, there's a spirit of the law and then there's the letter of the law. Even if he's inside the letter of the law, he's outside of what the spirit of the law is. And I think it hurts the country. I think it makes us look bad so he can defend it any way he wants. It's not right, by the way. Don't go by me. Ask Laura Loomer and ask people like Ben Shapiro. You know, they're Trump supporters. I'm no longer a Trump supporter. They are dead set against some of the stuff that he's doing, which is in a direct violation of the emoluments clause in the U.S. constitution.

[Co-Host]

Is this grounds for impeachment?

[Anthony Scaramucci]

Grounds for impeachment? I'm not sure. I mean, I hope the country doesn't go down that road again. I mean, the only way I would if Donald Trump was going to get impeached, there'd have to be something even more egregious than what we're talking about right now. But you would have to get the Republicans on side with the Democrats. I don't, I don't think impeaching them again and having a partisan vote in the House and then a partisan vote in the Senate is the answer to America's dysfunctionality. I wouldn't recommend it.

[Host]

I want to turn now to skybridge Capital. Have you adjusted any of your investment strategies based on Trump's more crypto friendly policies?

[Anthony Scaramucci]

No, no, not really. You know, we sort of same as we've always been. You know, I was on this desk in Davos three years ago. We're getting demolished because, you know, we retired to Sam Bankman Fried and bitcoin was at 16,000. Bitcoin, I think, is what, ladies? Where is it now? 100, 300,000. Yeah. So, you know, listen, I mean, we stayed long, every one of those positions, and so we're five to one from that bottom. I'm not allowed to talk about our performance, but I'll just say this. We've got 35% of our business is tied to digital assets. And so if you just take a look at what digital assets have done over the last two years. We've done very well. But listen, I've been humbled by markets and I've been humbled by life. So I'm not here bragging. I'm just saying we're doing well right now.

[Co-Host]

Buy the ticket. It's going to be a roller coaster.

[Anthony Scaramucci]

Exactly.

[Co-Host]

And you've got the exact.

[Anthony Scaramucci]

I don't even know if I reached the height requirement for the roller coaster that my life has been, but I'm doing the best I can.

[Co-Host]

I also want to ask you about the terror tariffs because that has been a roller coaster ride for the crypto markets, for the stock markets. What do you make of the. The game that.

[Anthony Scaramucci]

That it's misguided policy. President Trump's wanted to do that for 40 years. He's got a group of willing sycophants that are willing to implement the policy alongside of him. It doesn't work. The market and the bond market, equity market, bond market told you that those policies don't work. And so he had to walk back those policies. And so they're even the tariffs right now.

[Co-Host]

But was that his plan all along?

[Anthony Scaramucci]

I'm sorry?

[Co-Host]

Was that his plan all along?

[Anthony Scaramucci]

No. Come on. You know, that was incredibly high.

[Host]

Let me give you a new story. And people who sit at this desk say that that was his plan all along.

[Anthony Scaramucci]

That was his plan all along. He's playing 19d chess. Okay. He's not. Okay. He's eating. He's sitting in the corner eating the chess pieces. He's not playing 19 teeth chess. Okay, okay. And so, and so, you know, the plan is not the right plan for America and it's not the right plan for the integrated global economy. If you want to make the trading system fairer, there were a lot of different ways to go about it that would have been better for the country.

[Host]

All right?

[Anthony Scaramucci]

You didn't need this level of volatility and chaos.

[Host]

I guess that's true. I have a mental image now of those chess pieces being eaten in the corner.

[Anthony Scaramucci]

They look like McDonald's french fries, but they're like shaped in chess pieces. Just to give you the full visual.

[Host]

Just before we let you go, Anthony, I know you have to go in just a minute, but you keep coming back to Consensys. You keep sitting at this desk with us. What is it that keeps bringing you back?

[Anthony Scaramucci]

Thank you, guys. Look, listen, I'm a long time crypto investor now. You know, this is my sixth year in the business. Bought the, you know, I bought my First Bitcoin in October 2020. We own a lot of Solana. We own a lot of Avalanche and some other assets. Casper, et cetera. And so hopefully you'll continue to. Tell you what, if you continue to invite me back, I'll keep coming back.

[Host]

Fair? I think that's a deal. And we'll have a massage chair for you. Ready?

[Anthony Scaramucci]

Thank you. Yeah. That was great. Big shout out to the massage team here at Consensus.

[Host]

Anthony, thanks very much.

[Co-Host]

It.