An investor in the digital asset space is speaking out after the SEC announced it is suing leading cryptocurrency exchange Binance. Here’s what SkyBridge Capital co-founder Anthony Scaramucci had to say.
What Happened: The SEC announced it is suing Binance and its founder Changpeng Zhao for deception, conflicts of interest and evasion of U.S. law. The news has rattled the cryptocurrency industry.
Scaramucci, who was a featured keynote speaker at Benzinga’s Future of Crypto in 2022, shared his thoughts about the SEC and its chairman Gary Gensler.
“I think he’s in cahoots with Elizabeth Warren,” Scaramucci said of Gensler and Sen. Warren during an appearance on CNBC’s “Last Call.”
“They’re sorta riding around in the Batman and Robin car together. He’s going to do her bidding, but it’s not in the best interest of the United States.”
Warren has been known for being anti-crypto in the past.
Scaramucci criticized the SEC for sharing an old quote from the Binance chief compliance officer in a “very serious case.”
The quote in question is one from the Binance employee that said, “We are operating as a f***ing unlicensed securities exchange in the USA bro.”
The SEC shared the quote as part of their tweet announcing charges against Binance Holdings.
“This is way more serious than that. This is about the future of digital assets in the United States,” Scaramucci said.
Related Link: EXCLUSIVE: SBF - 'Idiot Or Fraudster?' O'Leary, Scaramucci Discuss What Happens To FTX Next
What’s Next: Scaramucci said the SEC’s decision to sue Binance could be important in the question of whether the U.S. wants to continue to lead the world in finance.
“Have to have some common sense regulation,” Scaramucci said.
The SkyBridge Capital co-founder and former White House Communications Director referenced the 1930s when President Franklin D. Roosevelt put together a regulation committee for the financial system.
“We’re doing nothing like that in digital assets," said Scaramucci.
Scaramccui added the SEC is showing it might want to make cryptocurrency exchanges unlawful in the U.S.: “The SEC has decided that they want the United States out of crypto assets, digital assets.”
The SEC’s actions against Binance could be part of the aftermath of the events of FTX and its co-founder Sam Bankman-Fried, Scaramucci argued. FTX was an investor in SkyBridge Capital.
Scaramucci said the SEC’s complaint against Binance isn’t about people losing money, which is why it is currently a civil case.
“I believe Binance has very good counsel, and they will likely as others in our industry have to pay a fine here and agree to clean up their practices. I think there’s a positive outcome that could take place for CZ and Binance if they can get to a settlement with the SEC.”
Scaramucci also referenced other countries like the U.K., Hong Kong and United Arab Emirates working on crypto regulation while the U.S. falls behind.
“You have to figure it out at the political level. I think it’s a mistake for the country.”
BTC Price Action: Bitcoin BTC/USD is trading at $27,007.78 at the time of writing, posting gains on Tuesday and moving back to levels prior to the announcement that Binance had been sued.
Read Next: Jack Dorsey Says Coinbase Should Stick To Bitcoin, Ditch Altcoins
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