Trump will drag Biden into the pro-crypto camp, says Scaramucci

The crypto space is reacting to a flurry of headlines this week, from The regulatory framework proposed by US legislators to the Securities and Exchange Commission (SEC) awaiting decision on ether ETF. Ethereum (ETH-USD) saw a significant increase on Monday amid this hopeful speculation

Skybridge Capital Founder Anthony Scaramucci Joins Catalysts Anchors Sean Smith AND Madison Mills to share his thoughts on the pace of effective cryptocurrency regulation and how lawmakers and presidential candidates are positioning themselves on digital assets ahead of the 2024 elections.

“There are 85 million people in this country who own cryptocurrencies in one form or another. There are 65 million dog owners, so there are more cryptocurrency owners than dog owners,” Scaramucci, who was also for short-time director of White House Communications in the Trump administration, he says. “So, I think the Biden administration is looking at the polling data and recognizing that young people, [the] Hispanic community, [the] The African-American community is into cryptocurrency. You guys really want to work so hard against cryptocurrencies, I don’t think it makes sense [an] electoral perspective.”

For more expert insights and the latest market action, click Here to watch the full episode of Catalysts.

This post was written by Luke Carberry Mogan.

Video transcription

Cryptocurrencies are back, investors are once again optimistic that the SEC will potentially approve the Ethereum spot ETF.

So what awaits us and how long can this rally we have seen in the cryptocurrency sector continue?

Go?

Who better to ask than our own?

Anthony Scaramucci is the founder of Skybridge Capital and author of the new book From Wall Street to the White House and Back.

Congratulations on the new book, Anthony.

Thank you.

I brought you some copies.

Oh thanks.

Hopefully the rule is that he doesn’t have to go to your house, but he can’t come back to my house.

OK. Too many books in the house.

I’m confident about it.

I have the 1982 yearbook photo on the front that looks good, it looks good in that photo.

A lot of money to airbrush a photo like that.

So, you know, because I was reading, it’s a little strange to me that we’re in a state of politicization of our regulatory system, you know, years ago, it was what was right or wrong for the country.

How will we simulate growth?

How we will create transparency for investors and provide investors with a full understanding of risk.

Now we’re either far right, normative environment or far left, normative environment as opposed to left and, you know, right or wrong.

And, once again, Gary Gensler is an example.

The story continues

I work with him at Goldman Sachs.

He took the politics of this complete pig.

And so it’s disappointing for us on Wall Street because there’s a great book on this topic years ago, Diana Henriquez wrote a book called Taming The Street.

Years ago, when they created the SEC, they reached out to industry, to legislators, to regulators, to administrators, and worked together to create the system that has been very successful in the United States for over 90 years.

We’re starting to see a sea change in Washington when you look at the fact that at least the street is a little more optimistic that we’re going to get some sort of approval.

The House is considering this legislation, the Senate rejects some of the regulations here.

There seems to be more bipartisan support here for cryptocurrencies.

So are we starting to see maybe that narrative shift within Washington?

You know, I hope so.

You know, the problem is that there are people in their seventies and eighties, some of them even approaching 90 who are running this thing.

And so they don’t really have a complete understanding of what’s going on.

Uh, Mike Novogratz told me something yesterday, which I’ll share with you guys.

There are 85 million people in this country who own cryptocurrencies in one form or another.

There are 65 million dog owners.

So there are more cryptocurrency owners and dog owners.

I mean, just imagine a politician saying, I’m, I’m against dogs.

Uh, how would it end?

OK with body politics.

So, so I think the Biden administration is looking at the polling data and recognizing that young people, the Hispanic community, the African-American community are in the cryptocurrency world.

You guys really want to go hard against cryptocurrencies.

Um, I don’t think that makes sense from an electoral perspective and I would have predicted that and of course, I’ve done so many things wrong and I write about how many things I’ve done wrong in my life in that book.

But what if you told me in 2023 what will happen at the presidential level in 2024?

I would say that both candidates will be pro-crypto because they won’t lose any votes by being pro-crypto, but they may lose some votes, particularly from young people who are anti-crypto.

But we’re both pro cryptocurrency just to get in here and Biden is pro cryptocurrency.

Well, you came on our show and said you previously didn’t think that anymore.

The Biden administration.

No, I think what I said, I hope I said it correctly if I couldn’t correct myself.

I said the president is agnostic to the positive about cryptocurrencies when we talk and sit with members of us in the crypto community.

Gary Gensler and Elizabeth Warren are decidedly anti-anti-cryptocurrency and it has allowed them to control the regulatory brains that could change.

I mean, I think that’s the point and that’s why Wall Street is bullish on the Ethereum ETF.

There may be a signal coming from the president and his team, particularly from the campaign, that this may be a mistake, the direction we are going.

Well, do you think the fact that we’re in an election cycle?

Biden and Trump make it a political football?

Do you think this makes the Spot Eve ETF more likely to be approved?

And if you had asked me last week, when you brought me in last week, I would have said there’s no way this ETF would get approved, because it’s going to open a Pandora’s box for other types of ETFs.

So the Salana ETF, an avalanche ETF, etc., why would they be excluded if Ethereum was included?

And so I think there’s a sea change and I think you saw it literally this week, the market was insignificant and then all of a sudden we had a 10% move and things like that, a 20% move in Ethereum.

So where does this fit back to what Mattie asked just a moment ago, Biden versus Trump is one better than the other for cryptocurrencies today.

OK.

So obviously I support President Biden.

We’ll have to delve into that in a second.

You’re asking me a specific question.

I think President Trump has very good political instincts.

He was anti-crypto as president.

You can see the tweets that were anti-Bitcoin, anti-cryptocurrency.

He came out about 10 days ago and said he’s pro crypto now and I think he’ll probably pull the Biden campaign into the pro crypto camp.

OK?

I think they come reluctantly and, again, the president, you are rightly agnostic about it.

But it’s really some people like those who work for Gary Gensler or Elizabeth Warren, who have more staying power though.

Should voters worry about either candidate’s chatter once the election is over?

And it’s a good question.

But I, I don’t think so because I think younger people like you two are coming into power and those older people, I mean, I think, I don’t know, it was Chuck Rangel like George Washington’s great grandfather or something like that .

It’s still in the con, I mean, the kids hand over the reins, let the younger ones run this thing and I think the younger ones will tweak it and remember that the regulars didn’t want Uber to come back.

1012 years ago, regulators and legislators fought Uber but you know who wanted Uber?

People wanted Uber and thank God in a country like this people went out anyway.

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