Anthony Scaramucci, the Founder of SkyBridge Capital investment firm, has voiced criticism of the current state of cryptocurrency regulation in the United States. The former White House Director of Communications called for a more bipartisan approach and suggested that the European Union's Markets in Crypto-Assets (MiCA) regulation could influence US policy.
Anthony Scaramucci Slams “Destructive” US Crypto Regulators
In an exclusive comment to Finance Magnates, Scaramucci emphasized the importance of collaborative actions across divisions in terms of market regulation. "I think it's very important that we have a bipartisan commitment to crypto," he stated, praising the efforts of Senators Kirsten Gillibrand and Chuck Schumer from New York.
However, Scaramucci expressed strong disapproval of what he termed the "Elizabeth Warren and Gary Gensler hegemony" in shaping US crypto policy. "I think they've been very destructive to the industry unnecessarily," he said, suggesting that their approach has been arbitrary and potentially motivated by factors beyond regulatory concerns.
The former White House communications director pointed to the regulators' past interactions with Sam Bankman-Fried, the disgraced founder of FTX, as a possible factor in their current stance.
"They were very close to Sam Bankman-Fried's parents. They met with Sam Bankman-Fried many times," Scaramucci claimed, adding that he believes they were "embarrassed by Sam" and subsequently took a harder line against the crypto industry.
“I think they did that unfairly, and they did that arbitrarily and capriciously, which is reflected in all the lawsuits that they've lost,” Scaramucci concluded in response to a question posed by Finance Magnates during an interview organized by Saxo Bank, in light of the upcoming US presidential elections.
An example of what Scaramucci is referring to is the recent decision by the cryptocurrency exchange Crypto.com to take the Gensler-led Securities and Exchange Commission (SEC) to court, claiming regulatory overreach.
Crypto Regulations in the US vs. Europe
Scaramucci's comments come as the cryptocurrency industry faces regulatory uncertainty in the United States, while the European Union moves forward with its comprehensive MiCA framework. The contrast between the two approaches has led to speculation about whether the US might eventually adopt elements of the EU's regulatory model.
So far, however, The US has adopted a more fragmented regulatory approach, relying on existing financial regulations and enforcement actions rather than comprehensive crypto-specific legislation.
For example, the SEC focuses on regulating crypto assets that may qualify as securities, the CFTC oversees crypto derivatives and commodities, and FinCEN handles anti-money laundering compliance.
In contrast, the EU has taken a more proactive and unified approach to crypto regulation. The block approved “Markets in Crypto-Assets Regulation” or MiCA, the world’s first comprehensive regulatory framework for cryptocurrencies.
Presidential Elections and How They Can Influence Crypto
With just four weeks until Election Day, Vice President Kamala Harris's campaign is showing signs of strength, but the race remains too close to call according to political analysts, according to Scaramucci.
The former Trump administration official turned critic believes the current polls are accurately reflecting voter sentiment, unlike in previous elections where Trump's support was underestimated.
"I think the race is currently too close to call," Scaramucci said in a recent interview with Saxo Bank. "And I think the race is definitely winnable for both sides."
While former President Trump maintains high name recognition and plans to hold daily rallies in the final weeks, the Harris campaign has deployed an unprecedented ground game. With a staff of 2,000 and approximately 200,000 volunteers working the equivalent of 300,000 shifts, Harris's operation dwarfs that of previous Democratic campaigns.
"This is very different from 2016 because they're in the field, they are working, and she is showing up," Scaramucci noted, contrasting Harris's approach with Hillary Clinton's 2016 strategy.
However, Harris still faces challenges in voter familiarity compared to her opponent. "Trump has something that she doesn't have. He has a hundred percent brand name saturation," Scaramucci explained. "Harris started on this real assault for the presidency on the 21st of July, but I would say that she's still somewhat unknown."
Despite this, Scaramucci believes Harris has momentum on her side. The Vice President is outpacing Trump in both media appearances and fundraising, with projections suggesting she may have a two-to-one advantage in campaign spending.
Scaramucci believes Harris could support a "middle-of-the-road cryptocurrency legislation" that fairly regulates the industry. On the other hand, Trump's pro-crypto stance could lead to appointing crypto-friendly officials in regulatory bodies.
This article was written by Damian Chmiel at www.financemagnates.com.
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