The host of Mad Money, Jim Cramer, says he expects the U.S. Securities and Exchange Commission (SEC) to do a roundup of crypto companies that aren’t compliant with regulation. Expecting the SEC “to sweep everything,” Cramer urges buyers to “get out” of crypto now.
Jim Cramer’s Latest Crypto Warnings
The host of CNBC’s Mad Money present, Jim Cramer, is again with extra warnings for crypto buyers. Cramer is a former hedge fund supervisor who co-founded Thestreet.com, a monetary information and literacy web site.
Following a joint assertion about crypto dangers by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), Cramer stated on CNBC Wednesday:
I feel these statements are the start of what I’ve been calling for, which is that the SEC goes to do a roundup of all of those [crypto firms] who should not compliant.
Citing John Stark, who served as an lawyer for over 18 years within the SEC’s Enforcement Division, Cramer confused that Stark is “now calling for a sweep.” The Mad Money host emphasised:
He stated the SEC goes to sweep every part, which is why I’m telling everyone: get out of 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 materials to the SEC roundup.
Cramer clarified:
I’m not calling for a crypto collapse. I’m calling for a collapse of the folks in on the Ponzi scheme.
Despite the warning indicators, Cramer defined that “people are bidding” the costs of cryptocurrencies up. He proceeded to warn buyers to get their cash out of crypto whereas they will.
The Mad Money host used to put money into bitcoin, ether, and non-fungible tokens (NFTs) however he bought all his crypto holdings final yr. He has been advising buyers to keep away from investing in speculative property, together with crypto, whereas the Federal Reserve continues to tighten the financial system. Earlier this month, he suggested buyers to get out of crypto, emphasizing that it’s by no means too late to exit “an awful position.” He additionally stated he wouldn’t contact crypto in a million years.
Regarding why the worth of bitcoin is so resilient on the excessive $16K stage, Cramer stated Friday: “Well, I’ll tell you what Stark said. Because it’s phony and a scam.” The Mad Money host concluded that crypto costs are “being propped up by people who want them propped up, and that’s all there is.”
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