{"id":10040,"date":"2021-09-16T13:51:48","date_gmt":"2021-09-16T12:51:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=10040"},"modified":"2021-09-16T13:51:56","modified_gmt":"2021-09-16T12:51:56","slug":"skybridge-files-for-crypto-based-etf","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/skybridge-files-for-crypto-based-etf\/","title":{"rendered":"SkyBridge files for crypto-based ETF and plans a $100M fundraiser for Algorand"},"content":{"rendered":"\n
SkyBridge Capital investment firm filed for a crypto-focused exchange-traded fund<\/a> (ETF) on Tuesday and announced plans for an Algorand fund at this week's SALT conference in New York.<\/h5>\n\n\n\n
\"SkyBridge<\/figure><\/div>\n\n\n\n

Anthony Scaramucci, the founder of SkyBridge\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and a former White House communications director, told CNBC that the company has raised more than $100 million for the newly announced Algorand fund. He also stated that the company currently has $700 million in cryptocurrency holdings.<\/p>\n\n\n\n

Scaramucci stated that “crypto is here to stay,” and that regulators must act “extremely rapidly” if they want to stop the technology's rapid adoption.<\/p>\n\n\n\n

\u201cThis is similar to Uber in that regulators sought to shut it down, but the people wanted Uber, and the people won,\u201d he stated, adding:<\/p>\n\n\n\n

\u201cBefore long, there will be 200 million [crypto] users in the United States.\u201d<\/p><\/blockquote>\n\n\n\n

Scaramucci's remarks come as many observers predict a regulatory crackdown<\/a> led by the Securities and Exchange Commission of the United States.<\/p>\n\n\n\n

Despite his disagreement with SEC Chair Gary Gensler's recent assessment of the crypto sector as “rife with fraud and abuse,” Scaramucci expressed his admiration for Gensler's position.<\/p>\n\n\n\n

\u201cHe\u2019s got a lot of people in Congress that don\u2019t fully understand it. There\u2019s a lot of negativity. I would implore people like Senator Elizabeth Warren to come to a conference like this and sit with people in the industry so she can understand what the protocols actually are [\u2026] I think we\u2019ve got to get everybody up the curve in terms of education.\u201d<\/p><\/blockquote>\n\n\n\n

Other banking titans present at the event, however, do not share Scaramucci's optimism about crypto adoption's capacity to elude the grasp of overbearing rules.<\/p>\n\n\n\n

Ray Dalio, the founder of Bridgewater Associates, the world's third-largest hedge fund<\/a>, anticipated that the growing popularity of digital assets would enrage lawmakers.<\/p>\n\n\n\n

\u201cAt the end of the day, if it's truly successful, [\u2026] they'll try to put it out of business. And I believe they will eliminate it because they have the means to do so,\u201d he told CNBC.<\/p>\n\n\n\n

Regardless of his view, Dalio lambasted currency as “garbage,” adding that all monetary instruments that offer an alternative to cash, including Bitcoin, are “worth considering” (BTC).<\/p>\n\n\n\n

\u201cI believe it is worthwhile to evaluate all of the alternatives to cash and other financial assets. Bitcoin is a viable option. He stated, “I have a specific amount of money in Bitcoin.”<\/p>\n\n\n\n

On Tuesday, SkyBridge filed a crypto-focused ETF with the Securities and Exchange Commission. The First Trust SkyBridge Crypto Industry and Digital Economy ETF<\/a>, if approved, would invest at least 80% of its net assets in prominent companies in the crypto industry ecosystem, but would not seek direct exposure to cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

SkyBridge Capital investment firm filed for a crypto-focused exchange-traded fund (ETF) on Tuesday and announced plans for an Algorand fund at this week’s SALT conference in New York. Anthony Scaramucci, the founder of SkyBridge and a former White House communications director, told CNBC that the company has raised more than $100 million for the newly […]<\/p>\n","protected":false},"author":12,"featured_media":10047,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[488,940,4439],"class_list":["post-10040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-algorand","tag-etf","tag-skybridge"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/SkyBridge-files-for-cryptobased-ETF-and-plans-a-100M-fundraiser-for-Algorand.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=10040"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10047"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=10040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=10040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=10040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}