Scaramucci claims Sam Bankman-Fried "really hurt the <crypto> industry in the United States."
Anthony Scaramucci, the founder of Skybridge Capital and a previous White House communications director, voiced his concerns regarding FTX co-founder Sam Bankman-Fried's influence on crypto regulations in the US.
Scarmucci shared his thoughts regarding the matter in a panel at the Collision 2023 event in Toronto.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is the Metaverse? (Meaning + Animated Examples)
Skybridge Capital's founder believes that Bankman-Fried's actions "really hurt the industry in the United States from a regulatory perspective." According to Scaramucci:
He embarrassed the politicians; he gave a lot of money to them. They spent a lot of time with him, Gary Gensler spent a lot of time with him. And then they had this huge situation that happened. And that was very embarrassing.
Upon being questioned about how the regulatory landscapes in Canada and the US compare, Scaramucci opined that Canada had benefited from observing the US and implemented regulatory practices based on a model the US once utilized.
They went to the industry. They said, "Okay, how do we fairly regulate the industry? How do we protect ourselves from bad actors?" Most of the industry players know one another, and then <…> they work alongside their legislators to come up with guidelines.
Scaramucci expressed admiration for the growing digital asset space in Canada. In particular, he highlighted the accomplishments of Binance CEO Changpeng “CZ” Zhao, a Canadian national.
CZ has emerged as a prominent leader in the wake of FTX’s downfall, especially regarding the future of cryptocurrency exchanges.
I’m gonna give him an A on execution and growing Binance. It’s 65ish percent of the overall market. So I’ll give him an A on that. He probably gets a C+ or B on transparency around it. Maybe in the beginning, they had some things that they did there that were regrettable. But it’s just the SEC <Securities and Exchange Commission> that is suing them; we have yet to see anything criminal.
In concluding remarks, Scaramucci acknowledged that CZ may face continued criticism. However, he predicted that CZ will remain an influential figure in the crypto industry due to Binance's significant presence.
The narrative spun by Scaramucci paints a vivid picture of the differences between crypto regulations in two neighboring countries and the influence individuals can exert on an emerging and volatile industry.
At the end of April, Anthony Scaramucci discussed his perspective on FTX's downfall during a panel at Consensus 2023.
