Anthony Scaramucci, founder of SkyBridge Capital, said that the lawsuit by the New York Attorney General (NAYG) against Galaxy Digital is a "legal battle," while another cryptocurrency executive said the law is so specific that he had to consult ChatGPT.

The recent lawsuit filed by the New York Attorney General (NAYG) against Galaxy Digital, involving its promotional relationship with the now collapsed cryptocurrency Terra (LUNA), is unfair and an abuse of the legal system, said Anthony Scaramucci, founder of SkyBridge Capital. "This is purely a legal battle because of a little-known but highly dangerous New York law - the Martin Act," Scaramucci said on the X platform on March 28.

"This law does not require proof of intent, thus setting a very low standard of proof that could open the door to such abusive behavior. It simply should not exist," he said.