• Anthony Scaramucci, founder of Skybridge Capital and former White House communications director, criticized Sam Bankman-Fried for hurting the crypto industry in the US from a regulatory perspective.
• He praised Canadian regulators for setting up a fair regulation system that protects against bad actors.
• Scaramucci believes Binance CEO Changpeng “CZ” Zhao is the most influential person in crypto with an A on execution and C+/B on transparency.
Anthony Scaramucci’s Criticism
Anthony Scaramucci, founder of Skybridge Capital and former White House communications director, stated during a panel at Collision 2023 in Toronto that disgraced crypto executive Sam Bankman-Fried “really hurt the industry in the United States from a regulatory perspective.” Scaramucci continued: “He embarrassed the politicians; he gave a lot of money to them. They spent a lot of time with him, Gary Gensler spent a lot of time with him. And then they had this huge situation that happened. And that was very embarrassing. And so now the pendulum has swung too far to over-regulation in this ridiculous prosecutorial oversight.”
Praise For Canadian Regulations
When asked for his opinion concerning the crypto regulatory environment in Canada compared to the U.S., Scaramucci stated that “Canada actually learned from the United States and set it up the way we used to do things in the United States.” He explained: “They went to the industry. They said, ‘Okay, how do we fairly regulate the industry? How do we protect ourselves from bad actors?’ Most of the industry players know one another, and then […] they work alongside their legislators to come up with guidelines.” Scaramucci added that Canada has been able to watch its digital asset space thrive due to its regulations.
For Anthony Scaramucci, he has his eyes set on Binance CEO Changpeng “CZ” Zhao taking reins of leading cryptocurrency exchanges after FTX’s collapse: “I’m gonna give him an A on execution and growing Binance. It’s 65ish percent of the overall market…He does actually have the largest platform, and it’s that one that can gain mass adoption, while still being a legitimate source where they’re gonna continue to operate in a compliant manner.” Despite CZ getting “a lot of flaming arrows,” he will remain as “the most influential person” in crypto according to Scaramucci.
The Impact Of Exchanges On Regulation
Scaramucci expressed his disappointment towards Sam Bankman-Fried for hurting US regulators through their dealings together: “And then they had this huge situation that happened…And so now [US] pendulum has swung too far to over-regulation [and] prosecutorial oversight.” This highlights how important it is for exchanges such as Binance or FTX comply with all necessary regulations when operating within certain jurisdictions – otherwise it could lead to more rigorous enforcement by governments across various countries .
In conclusion, Anthony Scarammuci expressed his criticism towards Sam Bankman-Fried while simultaneously praising Binance CEO CZ Zhao for leading cryptocurrency exchanges responsibly despite receiving some backlash along his journey towards success.. Finally he also highlighted how important it is for exchanges comply with local regulations when operating within certain jurisdictions since failure may result in governments enforcing more rigorous rules upon those who violate compliance laws .