In This Article:
The US Securities and Exchange Commission (SEC) approved and gave the go-ahead for firms to offer spot bitcoin ETFs last week. SkyBridge Founder and Managing Partner Anthony Scaramucci joins Yahoo Finance's Julie Hyman and Brian Sozzi from the World Economic Forum in Davos, Switzerland to comment on investor sentiment for these new bitcoin (BTC-USD) fund listings and how he views crypto regulation in the United States.
"We've overly politicized regulation in the country, and I would love to see the SEC move to a more non-partisan, non-political standard the way the Fed is," Scaramucci says, citing Senator Elizabeth Warren (D-Ma.) and SEC Chair Gary Gensler as antagonizing the asset class.
It's all part of Yahoo Finance's exclusive coverage from the World Economic Forum in Davos, Switzerland, where our team will speak to top decision-makers as well as preeminent leaders in business, finance, and politics about the world’s most pressing issues and priorities for the coming year.
Catch the full interview with Anthony Scaramucci here, or watch this full episode of Yahoo Finance Live here.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JULIE HYMAN: I was talking a lot about the spot Bitcoin ETF last week, which is seen as a real milestone.
Do you see it that way?
Do you think it's going to be the huge money bringer to Bitcoin that a lot of people are saying?
ANTHONY SCARAMUCCI: Over, over, over time it will be.
And I think you guys addressed this last week, but it's worth noting, you have lots of investors that went into Grayscale Bitcoin Trust at 2%.
They bought it at, the Bitcoin at 50,000, 60,000, 69,000, and so when the ETF became available and they were able to sell the Grayscale Bitcoin Trust and take a loss for tax purposes, and you guys know this, they have to wait 30 days before they can reload.
It was a great arbitrage for these people.
They can go from a 2% trust into a 21 basis point ETF and they have to wait.
And there's a lot of churn, and a lot of volume churn, as a result of that.
But I think generally, the notion that this is an asset class that's here to stay, people like Abigail Johnson at Fidelity and Larry Fink are working on it at BlackRock, I think is great for the industry.
Now, what I will say, is that we've overly politicized regulation in the country.
And I would love to see the SEC move to a more nonpartisan, nonpolitical standard the way the Fed is.
And I'm wondering if that could ever happen, because every time we get a new president, and we get a right leaning president, or a left leaning president, we bring somebody in that politicizes the regulation that's very bad for the industry.