Anthony Scaramucci, whose firm Skybridge Capital is close to FTX, doesn’t think the now-defunct exchange will return anytime soon. Scaramucci said in an interview:
“I don’t see how it’s possible to restart FTX. The trades aren’t making much money right now. So a lot of trades are losing money and they’re burning through private equity sales, so wait for the bull run to start and wait for higher volume.”
Anthony Scaramucci – Founder, Skybridge Capital
Scaramucci is a financier who served as Donald Trump’s White House communications director for 11 days. He recently appeared on the reality show “Special Forces: The World’s Toughest Test” and commented on an episode of The Scoop podcast with Frank Chaparro.
FTX, once valued at $32 billion, filed for bankruptcy last year after selling its FTT token. New management, which guided the company during bankruptcy proceedings, is exploring the possibility of restarting the exchange. The floors are expected to be restored next year, if possible.
Scaramucci’s investment firm has close ties to FTX. The exchange bought a large stake in Skybridge Capital, which also invested in FTX.
FTX reboot will have a ‘net positive’ impact on Skybridge
Despite his interest in returning to FTX, Scaramucci doubts the exchange will ever be up and running again.
“I don’t know how they restarted. I honestly don’t see a positive in restarting. But you know, I was wrong about a lot of things,” Scaramucci said, noting that creditors are needed for any exchange recovery. and a buyback from a bankruptcy judge.
FTX’s lawyers stated that they will study the possibility of restarting, and propose a restructuring plan in July, and expect the possibility of restarting in the second quarter of next year. The plan will then be reviewed by creditors and likely to be voted on in the first half of 2024. A bankruptcy court mention of a possible restart sent FTT prices soaring earlier this month.
“If they come back, I think it’s a net positive for Skybridge … it means they’re profitable and we want to be able to negotiate with them,” Scaramucci said.
A more plausible scenario, Scaramucci said, is that FTX would sell its software and licenses and then reopen the brand. Although three former FTX operators have pleaded guilty to criminal charges, a small group of FTX customers still want the exchange to restart. Former FTX CEO Sam Bankman-Fried has pleaded not guilty and is awaiting trial in October.
Scaramucci criticizes Gensler as ‘reluctant governing body’
The Skybridge Capital boss also weighed in on SEC Chairman Gary Gensler’s appearance before the US Congress last week. Republicans questioned Gensler on cryptocurrencies during a hearing before the U.S. House of Representatives Financial Services Committee.
Scaramucci warned that Gensler’s stance on the crypto industry could spur more businesses to go overseas. Just this week, Coinbase said it had received a license to operate in Bermuda and may soon launch an offshore derivatives exchange.
scaramucci is criticize Kinsler on Twitter:
“Gensler is a malicious regulator and I think he will only delay the US application process. This is sad because other countries will lead and we will miss the opportunity. Shame on Sam Bankman-Fried to kick crypto out The idea of the country, I think, is absolute nonsense.”
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