Anthony
Scaramucci, the Founder of SkyBridge Capital investment firm, has voiced
criticism of the current state of cryptocurrency regulation in the United
States. The former White House Director of Communications called for a more bipartisan approach and suggested
that the European Union’s Markets in Crypto-Assets (MiCA) regulation could
influence US policy.
In an
exclusive comment to Finance Magnates, Scaramucci emphasized the
importance of collaborative actions across divisions in terms of market
regulation. “I think it’s very important that we have a bipartisan
commitment to crypto,” he stated, praising the efforts of Senators Kirsten
Gillibrand and Chuck Schumer from New York.
However,
Scaramucci expressed strong disapproval of what he termed the “Elizabeth
Warren and Gary Gensler hegemony” in shaping US crypto policy. “I
think they’ve been very destructive to the industry unnecessarily,” he
said, suggesting that their approach has been arbitrary and potentially
motivated by factors beyond regulatory concerns.
The former
White House communications director pointed to the regulators’ past
interactions with Sam Bankman-Fried, the disgraced founder of FTX, as a
possible factor in their current stance.
“They
were very close to Sam Bankman-Fried’s parents. They met with Sam Bankman-Fried
many times,” Scaramucci claimed, adding that he believes they were
“embarrassed by Sam” and subsequently took a harder line against the
crypto industry.
“I think
they did that unfairly, and they did that arbitrarily and capriciously, which
is reflected in all the lawsuits that they’ve lost,” Scaramucci concluded in
response to a question posed by Finance Magnates during an interview
organized by Saxo Bank, in light of the upcoming US presidential elections.
An example
of what Scaramucci is referring to is the recent decision by the cryptocurrency
exchange Crypto.com to take the Gensler-led Securities and Exchange Commission
(SEC) to court, claiming
regulatory overreach.
Crypto Regulations in the
US vs. Europe
Scaramucci’s
comments come as the cryptocurrency industry faces regulatory
uncertainty in the United States, while the European Union moves forward with
its comprehensive MiCA framework. The contrast between the two approaches has
led to speculation about whether the US might eventually adopt elements of the
EU’s regulatory model.
MiCA Regulations
So far,
however, The US has adopted a more fragmented regulatory approach, relying on
existing financial regulations and…
