Jim Cramer Expects SEC to ‘Do a Roundup’ of Uncompliant Crypto Firms — Urges Investors to Get Out of Crypto Now – Regulation Bitcoin News

Mad Money host Jim Cramer says he expects the US Securities and Exchange Commission (SEC) to round up non-compliant crypto companies. Hoping the SEC will “kill it all,” Cramer urges investors to “get out” of cryptocurrencies now.

Jim Cramer’s Latest Crypto Warnings

CNBC’s Mad Money host Jim Cramer is back with more warnings for cryptocurrency investors. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

following a joint declaration on crypto risks from the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC), Cramer said on CNBC on Wednesday:

I think these statements are the beginning of what I’ve been asking for, which is that the SEC is going to do a summary of all the [crypto firms] that do not comply

Citing John Stark, who served as counsel 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 emphasized:

He said the SEC is going to sweep everything, so I’m telling everyone, get out of this.

“I see a lot of people feel, like John Stark, that it’s just a big scam,” Cramer continued. He added that he expects former FTX CEO Sam Bankman-Fried (SBF) to be important to the SEC briefing.

Cramer clarified:

I am not calling for a crypto crash. I am calling for a collapse of the people in the Ponzi scheme.

Despite the warning signs, Cramer explained that “people are bidding” on cryptocurrency prices. He proceeded to warn investors to get their money out of cryptocurrencies while they can.

The host of Mad Money used to invest in bitcoin, ether and non-fungible tokens (NFTs), but he sold out all of his crypto holdings last year. He has been advising investors to avoid invest in speculative assets, including crypto, as the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of cryptocurrencies, emphasizing that it is never too late to get out of “a horrible position.” He also said that he I wouldn’t touch crypto in a million years.

Regarding why the bitcoin price is so resistant at the $16K high, Cramer said on Friday: “Well, I’ll tell you what Stark said. Because it’s fake and a scam.” The Mad Money host concluded that cryptocurrency prices “are being supported by people who want them to go higher, and that’s it.”

What do you think about Jim Cramer’s opinion on cryptocurrencies? Let us know in the comments section.

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kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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