Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
‘Big Short’ Investor Michael Burry Doubts SEC Has Resources or IQ to Properly Investigate Crypto Listings on Coinbase – Regulating Bitcoin News
Hedge fund manager Michael Burry, famous for predicting the 2008 financial crisis, believes that the US Securities and Exchange Commission (SEC) has neither the resources nor the IQ points needed to properly investigate crypto listings on Coinbase.
Michael Burry at SEC Investigating Crypto Listings on Coinbase
The well-known investor and founder of the investment company Scion Asset Management, Michael Burry, briefly commented that the US Securities and Exchange Commission (SEC) is investigating the crypto exchange Coinbase on Tuesday.
He is best known for being the first investor to predict and profit from the US subprime mortgage crisis that took place between 2007 and 2010. He is profiled in “The Big Short”, a book by Michael Lewis about the mortgage crisis, which was made into a film starring Christian Bale.
Commenting on a Bloomberg article titled “Coinbase Faces SEC Probe on Crypto Listings,” Burry tweeted:
Pretty sure the SEC doesn’t have the resources or the IQ points to get this right.
Bloomberg broke the news that the SEC was investigating Coinbase on Monday night, just days after the securities watchdog slapped a former head of product for the exchange with insider trading charges, citing nine crypto tokens as securities in the process.
Coinbase immediately disputed the SEC’s claim that it listed crypto securities. Paul Grewal, head of legal affairs at the Nasdaq-listed crypto exchange, tweeted on Monday:
I’m happy to say it again and again: we’re confident that our rigorous due diligence process—a process the SEC has already gone through—keeps securities off our platform, and we look forward to working with the SEC on the matter.
Burry doesn’t comment on cryptocurrency often. Last November, he confirmed that he had never shorted any cryptocurrency. In October, he said: “I think cryptocurrencies are in a bubble.”
Do you agree with Michael Burry about the SEC? Let us know in the comments section below.
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