The legendary activist investors warned that crypto is leading a market frenzy that has investors “acting like a crowd of sports bettors” by flocking to entirely speculative assets.

Elliott Management wrote that White House policy is fueling a speculative crypto bubble that will eventually "wreak havoc."

Elliott’s criticism of the White House’s stance on crypto comes despite the fact that the firm’s founder, Paul Singer, is a longtime Republican donor who donated $56mn to conservative candidates in the 2024 election cycle, according to website OpenSecrets.