Anthony Scaramucci, the prominent entrepreneur and ex-White House Communications Director, believes that Binance CEO CZ could play a significant role in reshaping the future of the crypto landscape.

During a discussion at Collision 2023 in Toronto, Scaramucci, the founder of Skybridge Capital, expressed that the tarnished reputation of former crypto executive Sam Bankman-Fried has caused a considerable regulatory setback for the crypto industry in the U.S. Scaramucci elaborated:

“Bankman-Fried’s conduct left lawmakers red-faced; he made substantial financial contributions to them. Several key figures, including Gary Gensler, dedicated considerable time to him. This eventually led to a major incident, causing an immense embarrassment. Consequently, we now face a shift towards excessive regulatory oversight, characterized by unwarranted prosecution.”

When queried about his perspective on the regulatory stance towards crypto in Canada as opposed to the U.S., Scaramucci praised Canada for adopting a learning stance from its southern neighbor and setting up an approach akin to the erstwhile U.S. regulatory system. He detailed:

“The Canadian authorities approached the industry representatives, seeking ways to ensure fair regulation and protection against malpractices. Given that most industry players are familiar with each other, they then collaborate with the legislative bodies to establish a regulatory framework.”

Scaramucci observed the thriving nature of Canada’s crypto asset space, crediting a part of this success to Binance CEO Changpeng “CZ” Zhao, a Canadian native, whom he believes could potentially revolutionize the future of cryptocurrency exchanges post the downfall of FTX:

“His leadership and the growth of Binance, capturing around 65% of the total market, deserves an A-rating. However, the company’s transparency needs improvement, maybe a B or C+. Binance may have made regrettable decisions in the past, but so far, the SEC’s lawsuit is civil, and no criminal charges have been levied.”

Wrapping up the discussion, Scaramucci predicts that despite the potential criticisms CZ may face, he remains a key influencer in the crypto world. “He operates the largest platform, and its capability to gain mass adoption while maintaining legitimacy can potentially ensure its operation in all major jurisdictions globally,” Scaramucci concluded.