Scaramucci accuses Bankman-Fried of harming US crypto industry.

According to Anthony Scaramucci, a venture investor and former White House communications director, the disgraced CEO of FTX, Sam Bankman-Fried, has “really hurt the industry in the United States from a regulatory perspective.” Scaramucci stated during a panel discussion at the Collision 2023 conference in Toronto that Bankman-Fried embarrassed politicians by giving them a lot of money and spending a lot of time with them, including Gary Gensler. This embarrassing situation has resulted in a harsh crackdown on cryptocurrencies by regulators and politicians. Scaramucci, who leads the venture fund Skybridge Capital, added that this has led to excessive over-regulation and prosecutorial oversight.

Canada offers better regulations than the US

When asked about the differences in crypto regulations between Canada and the United States, Scaramucci mentioned that Canada is now approaching regulation in a similar way to how the US used to. He praised Canada for working with industry players to develop fair regulations and protect against bad actors. Scaramucci also highlighted the thriving crypto sector in Canada and mentioned Changpeng Zhao (CZ), the CEO of Binance and a Canadian national, as a leader in the space worth watching. While Scaramucci gave CZ praise for his execution and growing Binance, he noted that there could be room for improvement in terms of transparency, although no wrongdoing has been proven despite the SEC lawsuit against Binance.