Former White House Communications Director Anthony Scarmucci urged the cryptocurrency community to support incumbent President Joe Biden over Republican front-runner Donald J. Trump during his February 1 appearance at Duke University's digital assets event.
Scaramucci warns that Trump is bad for cryptocurrencies
According to a recent Bloomberg report, Scaramucci claimed that Trump becoming president again would “create chaos and unpredictability in the legal system.”
“I would rather fight the regulatory battle with people like Elizabeth Warren and people like Gary Gensler than this overall battle,” Scaramucci told the audience.
As the founder of global investment firm SkyBridge Capital, Scaramucci is no stranger to the cryptocurrency industry. He previously served as a business partner for convicted fraudster Sam Bankman Fried, whose bankrupt cryptocurrency exchange FTX holds a 30% stake in SkyBridge Capital. The former White House communications director has also drawn parallels between Bankman-Fried and Trump in the past.
“(Trump) is a different kind of crook than Sam Bankman-Fried, but yes, he is a crook,” Scaramucci told NBC News last year, claiming they both “embody human beings.”
Are there legal victories for cryptocurrencies in the future?
Scaramucci expressed optimism about Coinbase in its legal battle against the US Securities and Exchange Commission (SEC) for allegedly operating as an unregistered exchange.
“The Coinbase case is going to be a very big and very useful case,” Scaramucci stated. “I expect we'll win this case. And by the way, we may lose it here. But Brian Armstrong will win it in the Supreme Court.”
“You just look at the Supreme Court matrix, and I think we will get to a fair regulatory process for digital assets,” he added.
However, Scaramucci is not the only one optimistic about Coinbase's legal future. Bloomberg Senior Litigation Analyst Elliot Z. Stein It recently put the odds of Coinbase winning the landmark case at 70%.
My colleague Elliott, a senior litigation analyst, thinks so $ currency He has a 70% chance of winning the SEC. Elliott went into the courtroom thinking partial dismissal was likely and left believing full dismissal was his main case. https://t.co/2esr9LZMr3
– James Seyff (@JSeyff) January 19, 2024
Biden vs. Trump
Scaramucci also addressed the recent SEC approval of spot bitcoin ETFs, claiming that the “general hedge fund crowd” may expand their portfolios to include the asset class despite being typically “reluctant.”
“But public tokens, unlike Bitcoin, are probably too speculative for the industry,” Scaramucci explained.
Scaramucci's comments come on the heels of a string of recent primary victories for Trump, who previously promised to “never allow the creation of a central bank digital currency.”
Meanwhile, a new CNN poll shows Trump narrowly ahead of Biden in what is expected to be a potential reelection match in 2024.
