In a recent CNBC op-ed, Anthony Scaramucci, founder of SkyBridge Capital and former White House Communications Director, called for a more nuanced approach to cryptocurrency regulation.
Scaramucci, who launched a Bitcoin fund in 2021, is convinced that the current debate surrounding regulation is oversimplified. Hence, policymakers should focus on stopping bad actors without hindering progress in the cryptocurrency space.The U.S. Securities and Exchange Commission (SEC), led by former MTI lecturer Gary Gensler, has made plenty of headlines because of its tough approach to cryptocurrency regulation. It continues to crack down on companies like Kraken, attracting plenty of criticism within the community.
The SEC's "regulation by enforcement" approach has ruffled the feathers of industry executives, other agencies and even some dissenting voices within the formidable regulatory agency.
Scaramucci suggests the focus should be on "stop bad, support good" instead of painting the industry with a broad brush.
He believes that well-crafted government policy should not only stop bad actors but also promote progress and prosperity in the crypto industry.
To achieve this, Scaramucci advocates a more holistic approach at the federal level that would include public-private partnerships.
Additionally, he highlights the importance of supporting research and education through initiatives like Ripple's University Blockchain Research Initiative.
Scaramucci's call for a balanced approach to cryptocurrency regulation emphasizes the need for government officials to eradicate bad actors, while also helping the American public see the potential benefits of the technology.
Earlier this year, Scaramucci predicted that the Bitcoin price could top $50,000 in a few years' time.
The SkyBridge Capital founder opined that Bitcoin could top $100,000 during its next rally.