Sam Bankman-Fried, also known as SBF the infamous former CEO of FTX, is once again criticized and condemned for his actions against the crypto community. This time by the former White House communications director, Anthony Scaramucci, also referred to as ‘The Mooch’.
SBF Left a Mark on Politicians
He stated that SBF “really hurt the industry in the United States from a regulatory perspective.” Scaramucci claims that SBF disgraced the lawmakers after generously showering them with cash.
Connection Between Politicians and FTX Founder
The details surfaced in March revealed some connections between now-bankrupt FTX and Sam Bankman-Fried with the head of the Federal Deposit Insurance Corporation (FDIC).
He said: “They spent a lot of time with him, Gary Gensler spent a lot of time with him. And then they had this huge situation that happened. And that was very embarrassing. And so now the pendulum has swung too far to over-regulation in this ridiculous prosecutorial oversight.”
Canada Learnt from the US
Moreover, he explained how Canada had learned from the U.S.A. in light of the country’s regulatory framework for cryptocurrencies: “They went to the industry. They said, ‘Okay, how do we fairly regulate the industry? How do we protect ourselves from bad actors?’ Most of the industry players know one another, and then […] they work alongside their legislators to come up with guidelines.”
Changpeng Zhao to Lead Industry After SBF
Furthermore, SkyBridge Capital Founder praised CEO Changpeng “CZ” Zhao, a Canadian national, for guiding a new generation of cryptocurrency exchanges in the aftermath of FTX’s demise.
He noted: “I’m gonna give him an A on execution and growing Binance. It’s 65ish percent of the overall market. So I’ll give him an A on that. He probably gets a C+ or B on transparency around it,” adding: “it’s just the SEC [Securities and Exchange Commission] that is suing them; we have yet to see anything criminal.”
The Mooch also disclosed in April that when he traveled to the United Arab Emirates (UAE) with SBF on a $1 billion fundraising trip just before FTX’s downfall, SBF was lighting CZ up.