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.