Skybridge Founder: Biden’s Impact on Cryptocurrency Markets

Anthony Scaramucci, the founder and managing partner of Skybridge, claims that United States President Joe Biden has a positive influence on cryptocurrency and financial markets overall.

Scaramucci’s Perspective on Biden’s Policies

Scaramucci’s stance reflects Biden’s legislative proposals related to cryptocurrency over recent years.

In a recent report, Scaramucci advocates for a president who supports the traditional hierarchical structure of society as the safest and most likely path to success, including for cryptocurrencies.

“I tell Bitcoiners that you risk if you encounter someone who wants to destroy the institutions of democracy, the separation of powers in the constitution. The country has become great, and it is already great — it does not need to be made great again.”

Furthermore, he asserts that Biden’s commitment to the rule of law will expedite the establishment of cryptocurrency regulations.

While these regulations may not be favored by all, having clear guiding principles will provide a sturdy foundation for legal arguments in court.

“But it will also be very good for Bitcoiners. Because you may not like the emerging regulation, but at least there’s a predictable process in the law. And we will continue to win against the Biden administration in the United States court system.”

Meanwhile, Scaramucci claims that Trump wants to revoke FCC licenses from people who criticize him. He warned that Trump has achieved this,

“It’s very, very clear that he wants to persecute journalists he doesn’t like.”

Will Biden Support Crypto Innovations or Stifle Them?

The U.S. presidential election will take place on November 5th. At the time of publication, polls from various sources show Trump slightly ahead of Biden by two to five points.

7 September, BeInCrypto reported that Chris Larsen, co-founder of Ripple, criticized Biden for his stance on cryptocurrencies, which, in his opinion, hinder national innovation.

Additionally, Coinbase CEO Brian Armstrong noted that many American crypto companies have moved offshore due to the lack of regulatory clarity within the country.

The Biden administration recently proposed imposing a high tax on cryptocurrency mining due to its presumed negative impact on the environment. The Digital Asset Mining Excise Tax (DAME) would be 30% of the cost of the electricity used in any cryptocurrency mining operations.

The Biden administration also proposed stricter rules for brokers regarding tax reporting on purchases and sales of digital assets.