Hedge fund veteran Anthony Scaramucci reportedly says that US-based crypto exchange Coinbase will emerge victorious from its legal battle with the US Securities and Exchange Commission (SEC).
During a conference at Duke University, the founder of SkyBridge Capital says that a new Trump presidency would be better for crypto regulation in the short term, but worse in the long term, Bloomberg reports.
“In the long-term, [Trump’s] This will cause chaos and unpredictability in the legal system. I would rather fight the regulatory battle with people like Elizabeth Warren and people like Gary Gensler, rather than that macro battle.”
Scaramucci says Coinbase, which is currently fighting an SEC lawsuit alleging 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 large, instrumental case. I predict we will win that case. And besides, we could lose it here. But Brian Armstrong will win in the Supreme Court. Just look at the Supreme Court matrix, who is in it, and I believe we will get to a fair regulatory process for digital assets.”
Last month, Bloomberg analyst Elliott Stein said he believes Coinbase has a 70% chance of winning a motion to dismiss the SEC’s case.
“Coinbase has a 70% chance of winning. Coinbase will probably win this motion, we think. The judge wanted a limiting principle for the SEC definition of “investment contract” that would not include collectibles. We view the one offered by Coinbase as more attractive and requiring investment in a company rather than just an ecosystem, along with an enforceable obligation…”
The SEC first charged Coinbase in June 2023 for allegedly violating securities laws, including selling unregistered securities and operating an unregistered exchange/brokerage firm.
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