SkyBridge raises $100M for Algorand fund and files for crypto company ETF

Anthony Scaramucci revealed that SkyBridge currently holds $700 million worth of cryptocurrency.

Alternative investment company 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’s SALT conference in New York.

Speaking to CNBC, SkyBridge founder and former White House Communications Director Anthony Scaramucci said the firm had raised over $100 million toward the new declared Algorand fund. He additional that the firm presently holds roughly $700 million value of crypto assets.

Scaramucci declared that “crypto is here to stay,” adding that regulators should act “very quickly” if they will stem the snowballing adoption of the technology.

“This is a lot like Uber — the regulators wanted to knock Uber out of business, but the people wanted Uber and the 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 spearheaded by the U.S. Securities and Exchange Commission (SEC).

Despite expressing disagreement with SEC head Gary Gensler’s recent characterization of the crypto sector as being “rife with fraud and abuse,” Scaramucci highlighted his appreciation for the position Gensler is in.

He’s got a lot of people in Congress that don’t fully understand it. There’s 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.”

However, different finance magnates speaking at the event don’t share Scaramucci’s optimism relating to the power for crypto adoption to run the grasp of heavy-handed laws.

Ray Dalio, the founder of the world’s third-largest hedge fund Bridgewater Associates, predicted the increasing quality of digital assets can draw the ire of lawmakers.

“At the end of the day if it’s really successful, […] they will try to kill it. And I think they will kill it because they have ways of killing it,” he told CNBC.

Despite his outlook, Dalio slammed cash as “trash,” adding that all monetary assets offering an alternative to cash are “worth considering,” including Bitcoin.

“I think it’s 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,” he said.

Related: SEC threatens to sue Coinbase over crypto yield program it considers a security

Skybridge filed with the SEC for a crypto-focused ETF on Sept. 14. If approved, the primary Trust SkyBridge Crypto trade and Digital Economy ETF would invest a minimum of eightieth of its internet assets into leading corporations representing the crypto industry ecosystem, but wouldn’t request direct exposure to cryptocurrency.