Former White House Director of Communications Anthony Scarmucci urged the crypto community to support current President Joe Biden over Republican frontrunner Donald J. Trump during a February 1 appearance at a Duke University digital assets event.
Scaramucci Warns Trump is Bad for Crypto
According to a recent Bloomberg report, Scaramucci claimed Trump becoming president once more would “create havoc and unpredictability in the legal system.”
“I would rather take the regulatory fight with people like Elizabeth Warren and people like Gary Gensler over that macro fight,” Scaramucci told the audience.
As the founder of global investment firm SkyBridge Capital, Scaramucci is hardly a stranger to the crypto industry. He previously served as a business partner to convicted fraudster Sam Bankman-Fried, whose bankrupt crypto exchange FTX held a 30% stake in SkyBridge Capital. The former White House Director of Communications has also drawn parallels between Bankman-Fried and Trump in the past.
“[Trump is] a different kind of grifter than Sam Bankman-Fried, but yes, he’s a grifter,” Scaramucci told NBC News last year, claiming they both “objectify human beings.”
Legal Victories For Crypto Ahead?
Scaramucci also expressed his optimism for a win by Coinbase in its legal battle against the United States Securities and Exchange Commission (SEC) for allegedly operating as an unregistered exchange.
“The Coinbase case will be a very big, very instrumental case,” Scaramucci stated. “I predict that we will win that case. And by the way, we may lose it here. But Brian Armstrong will win it in the Supreme Court.”
“You just look at the Matrix of the Supreme Court, who’s on it, and I believe that we will get to a fair regulatory process for digital assets,” he added.
Scaramucci is not the only one hopeful about Coinbase’s legal future, however. Bloomberg’s Senior Litigation Analyst Elliott Z. Stein recently put Coinbase’s odds of winning the landmark case at 70%.
My colleague Elliott, a senior litigation analyst, believes that $coin has a 70% chance at victory over the SEC. Elliott went into the court room thinking a partial dismissal was likely and left thinking the full dismissal was his base case. https://t.co/2esr9LZMr3
— James Seyffart (@JSeyff) January 19, 2024
Hedge Funds Diving into Bitcoin ETFs?
Scaramucci also touched on the SEC’s recent approval of spot Bitcoin ETFs, claiming “the general hedge-fund crowd” may expand their portfolios to include the asset class despite typically being “reluctant.”
“But the general tokens, beyond Bitcoin, are probably too speculative for this industry,” Scaramucci clarified.
Scaramucci’s comments follow a slew of recent primary victories for Trump, who has previously promised to “never allow the creation of a central bank digital currency.”
Meanwhile, a new poll from CNN shows Trump leading Biden by a small margin in what is expected to be a likely 2024 electoral rematch.
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