SkyBridge Capital founder Anthony Scaramucci has revealed his long-standing doubt about the real reason for US Securities and Exchange Commission (SEC) Chairman Gary Gensler's harsh stance on cryptocurrency.
Scaramucci suggested that despite Gensler's public stance against cryptocurrencies, he is actually a crypto fan.
Scaramucci believes Gensler's tough stance stems from his desire to become Treasury Secretary in a possible second term under President Joe Biden:
“Watch 24 hours of Gensler's lectures at the Massachusetts Institute of Technology, where he teaches on blockchain. “He doesn't hate crypto.”
“Gensler understands this technology,” Scaramucci said.
“I made fun of him on Twitter, I worked with him at Goldman, said he was a Bitcoin maximalist. That's if you really understand what he's saying. “But right now we have policies that interfere with regulatory powers in the United States.”
Before his appointment as SEC chairman, Gensler worked for many years at Goldman Sachs and served on the Commodity Futures Trading Commission (CFTC). He later became a professor at MIT Sloan School of Management from 2018 to 2020.
His lectures on blockchain technology, digital currencies and financial technology covered topics related to the effects of cryptocurrencies on the financial sector.
When President Joe Biden nominated Gensler for this top job in 2021, some in the crypto industry rejoiced. According to these optimists, someone who teaches about crypto at a prestigious university would surely be among their ranks.
But Gensler has decisively dispelled that impression, taking 66 enforcement actions against the industry in the years since his appointment.
*This is not investment advice.