Increased regulatory in the US is a result of SBF’s actions, according to Skybridge Founder Anthony Scaramucci.
Anthony Scaramucci, founder of Skybridge Capital, expressed his opinion on the increasing regulatory environment in the United States, attributing it to the actions of crypto executive Sam Bankman-Fried (SBF).
Skybridge Founder and His Opinion on SBF
During a panel discussion at Collision 2023 in Toronto, Scaramucci acknowledged Bankman-Fried’s entrepreneurial success. However, he argued that the controversial executive had caused harm to the crypto industry in the United States, particularly from a regulatory perspective.
Scaramucci went on to share his views on the relationship between Bankman-Fried and politicians, including regulatory authorities like Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC).
Scaramucci claimed that Bankman-Fried’s financial contributions and close connections with politicians created a situation where the lines between industry interests and regulatory scrutiny may have become blurred. According to Scaramucci, the aftermath of the collapse of the FTX Derivatives Exchange has resulted in what he perceives as excessive regulation and “ridiculous prosecutorial oversight” within the industry.
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He argued that the pendulum has swung too far, suggesting that the current regulatory landscape may be overly burdensome, potentially stifling innovation and hindering the growth of the crypto industry.
Importantly, Scaramucci’s comments imply that the negative consequences of Bankman-Fried’s actions have extended beyond his own ventures, affecting the broader industry’s perception and regulatory treatment.
United States vs. Canada’s Regulatory Landscape
When discussing the regulatory environment for cryptocurrencies in Canada compared to the United States, Anthony Scaramucci stated that Canada learned from the United States and established its regulatory framework in a manner similar to how things were previously done in the US.
Scaramucci claims that Canada took a proactive approach by engaging with industry players to gather input on how to regulate the crypto industry fairly and prevent illicit activities. This collaborative approach involved close cooperation between industry participants and legislators, with both sides working together to establish guidelines.
Scaramucci’s comments suggest that Canada’s collaborative approach to regulation differs from the current regulatory landscape in the United States. The implication is that the US may have shifted towards a more top-down regulatory approach that is seen as less inclusive of industry input.
Furthermore, Scaramucci turned his attention to Changpeng Zhao, the CEO of Binance. Specifically, he mentioned that Zhao could potentially play a key role in shaping the future of crypto exchanges, particularly in light of the FTX collapse.
When evaluating Zhao’s performance as the CEO of Binance, Scaramucci noted the company’s success in terms of execution and growth, claiming that it holds a significant share (about 65%) of the global crypto market. Scaramucci gives Zhao an “A” for these accomplishments.
However, Scaramucci also mentioned that Zhao might receive a “C+” or “B” grade in terms of transparency. This assessment likely stems from Binance’s ongoing issues with the US SEC.