Scaramucci Criticizes NYAG's Lawsuit Against Galaxy Digital as Unjust

Anthony Scaramucci, the American financier and founder of SkyBridge Capital, has criticized the New York State Attorney General's (NYAG) lawsuit against Galaxy Digital, a blockchain financial services firm. Scaramucci argues that the lawsuit, which accuses Galaxy Digital of promoting the now-defunct cryptocurrency Luna without proper disclosures, is a misuse of the Martin Act.

This New York law allows the Attorney General to take legal action against financial fraud cases without proving intent. Scaramucci contends that any misrepresentations made by Galaxy Digital and its owner, Mike Novogratz, were due to the deceptive actions of Terraform Labs, the developer of Luna.

The SkyBridge Capital founder also criticized the Martin Act for its low standard of proof, which he believes can lead to abuse of the law.