{"id":339913,"date":"2021-09-16T07:15:42","date_gmt":"2021-09-16T04:15:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/skybridge-raises-100m-for-algorand-fund-and-files-for-crypto-company-etf\/"},"modified":"2021-09-16T07:15:42","modified_gmt":"2021-09-16T04:15:42","slug":"skybridge-raises-100m-for-algorand-fund-and-files-for-crypto-company-etf","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/skybridge-raises-100m-for-algorand-fund-and-files-for-crypto-company-etf\/","title":{"rendered":"# SkyBridge raises $100M for Algorand fund and files for crypto company ETF"},"content":{"rendered":"

“# SkyBridge raises $100M for Algorand fund and files for crypto company ETF <\/strong>”
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Alternative investment firm SkyBridge capital hopes to expand its crypto offerings, filing for a crypto-focused exchange-traded fund (ETF) on Tuesday and revealing plans for an Algorand fund at this week\u2019s SALT conference in New York.<\/p>\n

Speaking<\/a> to CNBC, SkyBridge founder and former White House Communications Director Anthony Scaramucci said the firm had raised more than $100 million toward the newly announced Algorand fund. He added that the firm currently holds roughly $700 million worth of crypto assets.<\/p>\n

Scaramucci asserted that \u201ccrypto is here to stay,\u201d adding that regulators must act \u201cvery quickly\u201d if they intend to stem the snowballing adoption of the technology<\/a>.<\/p>\n

\u201cThis is a lot like Uber \u2014 the regulators wanted to knock Uber out of business, but the people wanted Uber and the people won,\u201d he said, adding:<\/p>\n

\u201cBefore long there will be 200 million [crypto] users in the United States.\u201d\u00a0<\/p><\/blockquote>\n

Scaramucci\u2019s comments come as many onlookers fear a regulatory crackdown spearheaded by the U.S. Securities and Exchange Commission (SEC).<\/p>\n

Despite expressing disagreement with SEC head Gary Gensler\u2019s recent characterization of the crypto sector as being \u201crife with fraud and abuse,\u201d Scaramucci highlighted his app<\/a>reciation for the position Gensler is in.<\/p>\n

He\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 […] I think we’ve got to get everybody up the curve in terms of education.\u201d<\/p><\/blockquote>\n

However, other finance magnates speaking at the event do not share Scaramucci\u2019s optimism regarding the ability for crypto adoption to outrun the grasp of heavy-handed regulations.<\/p>\n

Ray Dalio, the founder of the world\u2019s third-largest hedge fund Bridgewater Associates, predicted <\/a>the increasing popularity of digital assets will draw the ire of lawmakers.<\/p>\n

\u201cAt the end of the day if it\u2019s really successful, […] they will try to kill it. And I think they will kill it because they have ways of killing it,\u201d he told CNBC.<\/p>\n

Despite his outlook, Dalio slammed cash as \u201ctrash,\u201d adding that all monetary assets offering an alternative to cash are \u201cworth considering,\u201d including Bitcoin.<\/p>\n

\u201cI think it\u2019s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in Bitcoin,\u201d he said.<\/p>\n

Related: <\/em><\/strong>SEC threatens to sue Coinbase over crypto yield program it considers a security<\/em><\/strong><\/p>\n

Skybridge filed<\/a> with the SEC for a crypto-focused ETF on Sept. 14. If approved, the First Trust SkyBridge Crypto Industry and Digital Economy ETF would invest at least 80% of its net assets into leading companies representing the crypto industry ecosystem, however would not seek direct exposure to cryptocurrency.<\/p>\n