Hedge fund veteran Anthony Scaramucci reportedly says that US-based crypto exchange Coinbase will emerge victorious from its legal battle with the U.S. Securities and Exchange Commission (SEC).
Speaking at a conference at Duke University, the SkyBridge Capital founder says that a new Trump presidency would be better for crypto regulation in the short term, but worse in the long term, Bloomberg reports.
[adinserter block="1"]“In the long term, [Trump’s] going to create havoc and unpredictability in the legal system. I would rather take the regulatory fight with people like Elizabeth Warren and people like Gary Gensler over that macro fight.”
Scaramucci says Coinbase, which is currently battling an SEC lawsuit that alleges the exchange violated securities laws, will come out on top, even if it means going all the way to the Supreme Court.
“The Coinbase case will be a very big, instrumental case. I predict we will win that case. And by the way, we may lose it here. But Brian Armstrong will win it in the Supreme Court. You just look at the matrix of the Supreme Court, who’s on it, and I believe that we will get to a fair regulatory process for digital assets.”
Last month, Bloomberg analyst Elliott Stein said that he believes Coinbase has a 70% chance of winning a motion to toss out the SEC’s case.
“Coinbase 70% likely to win. Coinbase is likely to win this motion, we think. The judge wanted a limiting principle to the SEC definition of ‘investment contract’ that wouldn’t encompass collectibles. We view the one offered by Coinbase as more compelling, requiring investment in a business versus just an ecosystem, along with an enforceable obligation…”
The SEC first sued Coinbase in June 2023 for allegedly violating securities laws, including the sales of unregistered securities and operating an unregistered exchange/broker agency.
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