SkyBridge Raises $ 100 Million for Algorand Fund, Files Files for Crypto Firm ETF

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Alternative investment firm SkyBridge Capital hopes to expand its crypto offerings, filing a crypto-focused exchange-traded fund (ETF) on Tuesday and revealing plans for an Algorand fund at this week’s SALT conference in New York. York.

Speaking to CNBC, SkyBridge founder and former White House communications director Anthony Scaramucci said the company had raised more than $ 100 million for the new Algorand fund. He added that the company currently holds around $ 700 million in crypto assets.

Scaramucci asserted that the crypto is here to stay, adding that regulators must act very quickly if they are to stem the snowball adoption of the technology.

It’s kind of like Uber, regulators wanted to bankrupt Uber, but people wanted Uber and people won, he said, adding:

Before long there will be 200 million [crypto] users in the United States.

Scaramucci’s comments come as many onlookers fear a regulatory crackdown by the U.S. Securities and Exchange Commission (SEC).

While he disagreed with SEC chief Gary Gensler the recent characterization of the crypto industry as rife with fraud and abuse, Scaramucci underscored his appreciation for Gensler’s position.

He has a lot of people in Congress who don’t fully understand him. There is a lot of negativity. I implore people like Senator Elizabeth Warren to come to a conference like this and sit down with people from the industry so that she can understand what the protocols really are. […] I think we have to move everyone forward in terms of education.

However, other financial moguls speaking at the event do not share Scaramucci’s optimism about the ability of crypto adoption to exceed the scope of strict regulations.

Ray Dalio, the founder of the world’s third-largest hedge fund Bridgewater Associates, predicted that the growing popularity of digital assets would anger lawmakers.

In the end, if it’s really successful, […] they will try to kill him. And I think they’re going to kill him because they have ways to kill him, he told CNBC.

Despite his outlook, Dalio called money trash, adding that all monetary assets that offer an alternative to money are worth considering, including Bitcoin.

I think it is worth considering all the alternatives to cash and all the alternatives to other financial assets. Bitcoin is one possibility. I have a certain amount of money in Bitcoin, he said.

Related: SEC Threatens To Sue Coinbase Over Crypto Yield Scheme It Deems Security

Skybridge filed a crypto-focused ETF with the SEC on September 14. If approved, the First Trust SkyBridge Crypto Industry and Digital Economy ETF would invest at least 80% of its net assets in leading companies representing the ecosystem of the crypto industry. do not seek direct exposure to cryptocurrency.

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