Jim Cramer Expects SEC to ‘Do a Roundup’ of Uncompliant Crypto Firms — Urges Investors to Get Out of Crypto Now – Regulation Bitcoin News
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Mad Money host Jim Cramer says he expects the US Securities and Exchange Commission (SEC) to conduct a review of non-compliant crypto companies. Expecting the SEC to “sweep everything out,” Cramer urges investors to “get out” of crypto now.
Jim Cramer’s Latest Crypto Alerts
CNBC’s Mad Money host Jim Cramer is back with a warning to crypto investors. Cramer is a former hedge fund manager who co-founded the financial news and literacy site Thestreet.com.
Following a joint statement from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) on crypto risks, Cramer said on CNBC on Wednesday:
I think these statements are the beginning of what I’ve been calling for, which is that the SEC is going to summarize all of them. [crypto firms] which are not compliant.
Referring to John Stark, who worked as a lawyer for more than 18 years in the SEC’s enforcement division, Cramer emphasized that Stark “is now calling for a sweep.” The Mad Money host highlighted:
He said the SEC is going to sweep everything, which is why I say to everybody, get off these.
“I see a lot of people feel, like John Stark, that it’s just a giant scam,” Cramer continued. He added that he expects former FTX CEO Sam Bankman-Fried ( SBF ) to be material at the SEC meeting.
I’m not calling for crypto to crash. I’m calling for people to fall for the Ponzi scheme.
Despite the warning signs, Cramer explained that “people are bidding” cryptocurrency prices up. He warned investors to get their money out of crypto when they can.
The Mad Money host previously invested in bitcoin, ether, and non-fungible tokens (NFTs), but he sold all of his crypto holdings last year. He has advised investors to avoid investing in speculative assets, including cryptos, while the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to ditch crypto, stressing that it’s never too late to exit a “terrible position.” He also said he won’t touch crypto for a million years.
As for why the price of bitcoin is so durable at the high $16,000 level, Cramer said on Friday: “Well, I’ll tell you what Stark said. Because it’s a scam and a scam.” The Mad Money host concluded that crypto prices are “supported by people who want to be supported, and that’s all.”
What do you think of Jim Cramer’s view of crypto? Let us know in the comments section below.
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