Michael Burry (hedge fund manager) is famous for his prediction of the 2008 financial crises. He believes the U.S. Securities and Exchange Commission has neither the resources nor the IQ to properly investigate Coinbase’s crypto listings.
Michael Burry, SEC Investigating Crypto Listings On Coinbase
Michael Burry is a famous investor and the founder of Scion Asset Management. He briefly spoke out about Tuesday’s investigation by the U.S. Securities and Exchange Commission.
Most famous for his ability to predict and make a profit during the subprime US mortgage crisis, which occurred in 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
Commenting on a Bloomberg article titled “Coinbase Faces SEC Probe on Crypto Listings,” Burry tweeted:
It is pretty certain that the SEC doesn’t have the resources and the IQ points necessary to accomplish this task correctly.
Bloomberg reported Monday’s news that the SEC was investigating Coinbase. This comes just days after the Securities Watchdog charged a former Product Manager of the Exchange with insider trading. The charges were brought against him.
Coinbase immediately disputed the SEC’s allegation that it listed crypto securities. Paul Grewal is the chief legal officer for the Nasdaq listed crypto exchange. He tweeted Monday
I’m happy to say it again and again: we are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform, and we look forward to engaging with the SEC on the matter.
Burry is not known for his frequent comments on cryptocurrency. He confirmed in November that he has never traded any cryptocurrency. In October, he said: “I believe that cryptocurrencies are in a bubble.”
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