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Michael Burry Takes a Shot at the SEC in Regards to Coinbase Investigation

Michael Burry, a hedge fund manager and renowned for his prediction of the 2008 financial crisis, believes the U.S. Securities and Exchange Commission is unable...
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Michael Burry, a hedge fund manager and renowned for his prediction of the 2008 financial crisis, believes the U.S. Securities and Exchange Commission is unable to properly investigate cryptocurrency listings on Coinbase.

Michael Burry, a famous investor and founder of Scion Asset Management, spoke briefly about the U.S. Securities and Exchange Commission’s (SEC), investigation into crypto exchange Coinbase Tuesday.

He is most well-known for being the first investor who was able to profit from the subprime mortgage crisis in the United States that took place between 2007 and 2010. His story is featured in Michael Lewis’ book “The Big Short” about the mortgage crisis. It was made into a movie with Christian Bale.

Burry tweeted his opinion on the Bloomberg article “Coinbase Facing SEC Probe on Crypto Listings.”

It is pretty certain that the SEC doesn’t have the resources and the IQ points necessary to accomplish this task correctly.

Bloomberg published Monday’s news about the SEC investigating Coinbase Monday night. This was just days after the Securities Watchdog charged with insider trading and named nine crypto tokens among the securities.

Coinbase immediately denied the SEC’s claim that it had listed crypto securities. Paul Grewal is the chief legal officer of the Nasdaq-listed cryptocurrency exchange.

It’s something I am happy to repeat: We are confident that our rigorous diligence — which the SEC has already reviewed – keeps securities off our platform. We look forward to working with the SEC in this matter.

Burry doesn’t often comment on cryptocurrency. He stated that he has never traded any cryptocurrency. He stated that he believes that cryptocurrency is in a bubble in October.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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