Feb 4, 2025, 11:14 a.m. UTC

Anthony Scaramucci, who served as President Donald Trump's communications director for less than a week in 2017, said he expects pro-crypto regulation to be drafted in the U.S. by November.

The founder of investment firm SkyBridge Capital made the prediction in an appearance at the Digital Assets Forum in London and went on to explain why in an interview with the Financial Times.

"[If] I'm running for re-election to Congress, I'm subjected to a two-year term, and if I don't want to be opposed by the crypto industry, I want to be out on my front foot proposing positive crypto regulation," he told the FT. "So ... their campaigns have to start no later than March 2026. We're talking one year from today."

That means pro-crypto legislation is likely to be included in the rush of legislative activity that typically occurs before the congressional Christmas recess, he said.

"You'll probably get it in November of this year, before that recess."

Having courted the industry during his campaign with promises of being a pro-crypto president, Trump issued an executive order for the establishment of policies that put digital assets on a solid footing in the U.S.

Despite being naturally supportive of any administration that would achieve this, Scaramucci has been an outspoken critic of the president, and referred to him as an "insane lunatic" and "unwell" in the interview.

Scaramucci also described Trump's official memecoin, TRUMP, as "bad for the industry."

TRUMP spiked to nearly $73 the day after its launch on Jan. 18 and has fallen by over 76% since.

"It'll scare people, it'll make people think that the industry is a scam," he said.

Scaramucci did, however, add that TRUMP proved the value of the Solana blockchain, given the huge trading activity could be seen as a stress test for possibilities of tokenizing bonds or stocks.

"If we're really gonna tokenize things, one of the ways to test the rail system is through memecoins, whether it's DOGE or TRUMP," he said. "I think it's helpful ... I don't like it, but that's one of the positives of it."