SkyBridge Capital founder Antony Scaramucci anticipates productive cryptocurrency regulatory clarity emerging this year, starting with stablecoin legislation, following the landmark summit hosted by Donald Trump at the White House over the weekend.
During the summit, which was attended by Michael Saylor, Brian Armstrong, and Brad Garlinghouse – amongst other high profile investors, and policy advocates – the US president outlined his plan to establish a government-owned bitcoin reserve. Prior to the summit, Trump issued an executive order directing Treasury and Commerce officials to acquire bitcoin using assets forfeited in criminal cases, promising no cost to taxpayers.
“The White House Crypto Summit was a monumental and much needed moment for the crypto and digital asset industry in the United States,” said Scaramucci, who served on the 16-person Presidential Transition Team Executive Committee and briefly as White House Communications Director during Donald Trump’s first term as President. “For too long, the industry has not had a seat at the table with government, and has been operating without regulatory clarity, despite its best efforts at collaboration and compliance.
“I am glad to see the White House bringing together so many industry leaders to discuss the future of digital assets in the US, and working collaboratively to secure the economic and technological future of the country. The Summit solidifies my optimism that we will see productive regulatory clarity around crypto this year, starting with stablecoin legislation.
“Even ahead of the Summit on Friday, I was excited and encouraged to see the news that the administration would be establishing a Strategic Bitcoin Reserve. A US Strategic Bitcoin Reserve is a significant milestone in realising the importance of bitcoin and digital assets in our national financial strategy.
“I’m particularly optimistic about the administration’s approach to build the reserve around the bitcoin already in the government’s possession, and their commitment to not sell them despite price fluctuations.
“The strategic reserve helps secure the US’ position at the helm of the global crypto movement, by recognising the growing importance of this emerging asset class, while participating in a measured and strategic fashion.
“As the global leader in the industry, the US has shown by example our commitment to embracing technological innovation and safeguarding our economic future.”
Recently appointed White House crypto czar David Sacks has stressed the importance of the bitcoin reserve but ruled out new token purchases, disappointing some investors. Bitcoin dropped 3.4% to $86,394 after the announcement.
