Alternative investment firm SkyBridge Capital hopes to aggrandize its crypto offerings, filing for a crypto-focused exchange-traded fund (ETF) on Tuesday and revealing plans for an Algorand fund at this calendar week'due south SALT conference in New York.

Speaking to CNBC, SkyBridge founder and old White Firm Communications Director Anthony Scaramucci said the firm had raised more $100 1000000 toward the newly announced Algorand fund. He added that the business firm currently holds roughly $700 million worth of crypto assets.

Scaramucci asserted that "crypto is here to stay," adding that regulators must act "very apace" if they intend to stalk the snowballing adoption of the technology.

"This is a lot like Uber — the regulators wanted to knock Uber out of business, only the people wanted Uber and the people won," he said, calculation:

"Earlier long, at that place volition be 200 million [crypto] users in the United States."

Scaramucci'southward comments come as many onlookers fear a regulatory crackdown spearheaded by the U.s.a. Securities and Exchange Commission.

Despite expressing disagreement with SEC Chair Gary Gensler'south contempo characterization of the crypto sector as beingness "rife with fraud and abuse," Scaramucci highlighted his appreciation for the position Gensler is in.

"He's got a lot of people in Congress that don't fully understand it. There'due south a lot of negativity. I would implore people similar Senator Elizabeth Warren to come to a conference like this and sit with people in the industry and then she tin can understand what the protocols really are [...] I recall we've got to get everybody up the curve in terms of education."

Even so, other finance magnates speaking at the consequence do non share Scaramucci'south optimism regarding the ability of crypto adoption to outrun the grasp of heavy-handed regulations.

Ray Dalio, the founder of the world's third-largest hedge fund, Bridgewater Associates, predicted the increasing popularity of digital assets will draw the ire of lawmakers.

"At the end of the twenty-four hours if it's really successful, [...] they will effort to kill it. And I think they will impale it because they accept ways of killing it," he told CNBC.

Despite his outlook, Dalio slammed cash as "trash," calculation that all monetary assets offering an alternative to cash are "worth considering," including Bitcoin (BTC).

"I think it'southward worth considering all the alternatives to greenbacks and all the alternatives to the other fiscal assets. Bitcoin is a possibility. I have a certain amount of coin in Bitcoin," he said.

Related: SEC threatens to sue Coinbase over crypto yield program it considers a security

SkyBridge filed with the SEC for a crypto-focused ETF on Tuesday. If approved, the First Trust SkyBridge Crypto Industry and Digital Economy ETF would invest at least eighty% of its cyberspace avails into leading companies representing the crypto manufacture ecosystem, however, would not seek direct exposure to cryptocurrency.