Anthony Scaramucci Urges Biden to Pivot on Crypto as Trump Calls Himself “Crypto President”

Anthony Scaramucci Urges Biden to Pivot on Crypto as Trump Calls Himself "Crypto President"

Anthony Scaramucci, the founder of Skybridge Capital, has urged President Joe Biden to soften his stance on cryptocurrencies.

Scaramucci’s remarks come as Biden’s rival in the highly-contested November elections, Donald Trump, continues to position himself as pro-crypto.

Anti-Crypto Personalities Will Cost Biden the Presidency 

While speaking in an interview with journalist David Lin, Scaramucci urged President Biden to ignore the “capricious whims” of anti-crypto personalities such as Gary Gensler and Elizabeth Warren.

He noted that the presidential election was “razor-thin,” and the Biden campaign needed to attract as many votes as possible. Some of these votes are in the crypto industry, which has long decried mistreatment by the US Securities and Exchange Commission (SEC).

Scaramucci outlined the approval of spot Ethereum exchange-traded funds (ETFs) as a sign that the Biden administration is already pivoting on crypto matters. He opined that the US government had pushed for spot Ether ETFs despite opposition from the SEC.

“This is a razor-thin election,” Scaramucci said. “I don’t think Joe Biden wants to lose this election because of the capricious whims of Elizabeth Warren or Gary Gensler.” 

Despite approving Ether ETFs, the Biden administration recently came under criticism from the crypto community for vetoing a crypto bill passed by the US Senate. The bill excluded crypto assets from the SEC Staff Accounting Bulletin (SAB 121). 

According to the crypto community, implementing SAB 121 accounting standards in the crypto industry discouraged safe crypto storage. 

Trump Calls Himself the “Crypto President” 

The crypto industry is at the heart of the ongoing US Presidential campaigns. Former US President Donald Trump has been using his remarks to sway crypto votes.

While speaking at a fundraising event in San Francisco last week, Trump referred to himself as the “crypto president.”

According to Reuters, Trump reportedly called out the “Biden-Gensler crusade against crypto,” saying it will end as soon as his administration is in place. Trump did not mention any crypto policies he would implement if elected President but asserted his willingness to support the industry’s growth.

The fundraiser, which raised $12 million, attracted some of the crypto industry’s bigwigs, including Coinbase executives and the co-founders of Gemini, Tyler and Cameron Winklevoss. Other crypto leaders were also present.

Just last month, Trump expressed his commitment to preserving crypto businesses in the US. He has also made it possible for his supporters to make donations in different cryptocurrencies.

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