Jim Cramer expects the SEC to do a roundup of crypto firms that are not compliant with regulation. cryptocurrency
Jim Cramer Expects SEC to 'Do a Roundup' of Uncompliant Crypto Firms — Urges Investors to Get Out of Crypto Now
The host of Mad Money, Jim Cramer, says he expects the U.S. Securities and Exchange Commission to do a roundup of crypto firms that are not compliant with regulation. Expecting the SEC “to sweep everything,” Cramer urges investors to “get out” of crypto now.The host of CNBC’s Mad Money show, Jim Cramer, is back with more warnings for crypto investors. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
I think these statements are the beginning of what I have been calling for, which is that the SEC is going to do a roundup of all of the ones [crypto firms] who are not compliant. Citing John Stark, who served as an attorney for over 18 years in the SEC’s Enforcement Division, Cramer stressed that Stark is “now calling for a sweep.” The Mad Money host emphasized:“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 to be material to the SEC roundup.I’m not calling for a crypto collapse. I’m calling for a collapse of the people in on the Ponzi scheme.
Despite the warning signs, Cramer explained that “people are bidding” the prices of cryptocurrencies up. He proceeded to warn investors to get their money out of crypto while they can.
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