Speaking at the Collision 2023 conference in Toronto, Skybridge Capital founder and former White House communications director Anthony Scaramucci said that disgraced cryptocurrency executive Sam Bankman-Fried “has really hurt the industry in the U.S. from a regulatory standpoint.” Scaramucci continued :
“He embarrasses the politicians; he pays them a lot of money. They spend a lot of time with him, and Gary Gensler spends a lot of time with him. And then they have this huge situation that happens. It’s very embarrassing. So now the pendulum has swung too far into over-regulation of this ridiculous prosecutorial oversight.”
When asked for his opinion on Canada’s crypto regulatory environment compared to the U.S., Scaramucci said, “Canada actually learns from the U.S. and sets it up the way we used to in the U.S.” He explained:
“They come into the industry. They say, ‘Well, how do we regulate this industry fairly? How do we protect ourselves from bad actors? Most of the industry players know each other, and then (…) they work with legislation together to develop guidelines.”
Scaramucci continued: “We are witnessing a boom in the Canadian crypto digital asset space.” For politicians and business magnates, Scaramucci has his sights set on Binance CEO Changpeng Zhao (CZ), who happens to be Is a Canadian Citizen, Leading the Future of Cryptocurrency Exchanges After the FTX Crash:
“I would give him an A for execution and growth for Binance. It’s about 65% of the market. So I’d give him an A. He might get a C+ or B for transparency. Maybe initially, they Some deplorable things have been done there. But it’s just the SEC (Securities and Exchange Commission) that’s prosecuting them; we haven’t seen any crime yet.”
In closing arguments, Scaramucci said that while CZ will continue to receive “a lot of burning arrows,” he will continue to be “the most influential person” in the cryptocurrency space. “He actually has the largest platform, and a platform that can gain mass adoption while still being a legal source that they will continue to operate in all the major jurisdictions of the world,” Scaramucci said.
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