SNEAK PEEK

  • Scaramucci criticizes SEC’s scrutiny under Gensler, fearing it may hurt Harris’ election chances.

  • SEC’s Wells notice to OpenSea continues its tough stance on crypto, impacting major platforms.

  • Scaramucci sees a need for bipartisan crypto regulation, doubts Gensler’s future in a Harris administration.

Anthony Scaramucci, former White House Communications Director, has criticized the Securities and Exchange Commission (SEC) under Gary Gensler for its increasing scrutiny of cryptocurrency platforms. 

According to Scaramucci, this heightened regulatory pressure could potentially harm Vice President Kamala Harris’ chances in upcoming elections.

In a recent post on the social media platform X, Scaramucci expressed surprise over the SEC’s issuance of a Wells notice to OpenSea, a major NFT marketplace. This notice suggests that the SEC intends to pursue legal action against the company. The Wells notice is a formal letter that the SEC issues to inform a company or individual of its intent to bring enforcement action against them. 

Gensler wants Harris to lose the election. https://t.co/GT2PpaGIt8

— Anthony Scaramucci (@Scaramucci) August 28, 2024

The move marks a continuation of the SEC’s aggressive stance toward the digital assets sector. Other notable crypto companies, including Coinbase, Kraken, and Robinhood, have also faced increased scrutiny and legal actions from the SEC in recent months.

Scaramucci, who is also the CEO of SkyBridge Capital, argued that the SEC’s stringent approach could have broader political ramifications. He highlighted that Gensler’s regulatory actions might impact the Democratic administration’s chances of maintaining power. 

Scaramucci emphasized his belief in the need for balanced, bipartisan regulation of the cryptocurrency market and expressed optimism that a Harris-led administration could achieve this by 2025. However, he dismissed speculation that Harris might appoint Gensler as Treasury Secretary if she gains power.

Although Scaramucci has publicly criticized former President Donald Trump, he acknowledged in a recent podcast that Trump might be more favorable for the cryptocurrency sector overall. 

However, as a former Trump administration’s G7 envoy who only served for 11 days, Scaramucci has insisted that the industry needs a better regulation. His comments imply an intricate interactions of the regulation and the development of cryptocurrency industry and a political context.

The post Gary Gensler’s SEC Moves Could Damage Harris’ 2024 Hopes, Warns Scaramucci appeared first on Today NFT News.