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Mad Money host Jim Cramer says he expects the U.S. Securities and Exchange Commission (SEC) to do a roundup of non-compliant cryptocurrency companies. Hoping the SEC will “clean up everything,” Cramer urges investors to “get out” of cryptocurrencies now.
Jim Cramer’s Latest Crypto Warning
Jim Cramer, host of CNBC’s Mad Money show, is back with another warning to crypto investors. Cramer is a former hedge fund manager, where he co-founded Thestreet.com, his website for financial news and literacy.
Following the joint statement on crypto risks by the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC), Cramer said on CNBC Wednesday:
I think these statements are the beginning of what I’ve been asking. That is, the SEC makes the rounds of all statements. [crypto firms] non-compliant people.
Quoting John Stark, a lawyer in the SEC’s enforcement department for more than 18 years, Mr. Kramer emphasized that Mr. Stark “is now seeking a cleanup.” The Mad Money host emphasizes:
He said the SEC will wipe everything out.
“I see a lot of people, like John Stark, feeling like this is just a huge scam,” Kramer continued. He added that he expects former FTX CEO Sam Bankman-Fried (SBF) to be a key figure in the SEC roundup.
Cramer explains:
I’m not calling for the collapse of cryptocurrencies. I call for the demise of those participating in Ponzi schemes.
Despite the warning signs, Cramer explained that “people are increasing the price of cryptocurrencies.” He warned investors to withdraw money from cryptocurrencies while they can.
The Mad Money host, who previously invested in Bitcoin, Ether and Non-Fungible Tokens (NFTs), sold all of his crypto holdings last year. He has advised investors to avoid investing in speculative assets, including cryptocurrencies, while the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to stay out of cryptocurrencies, stressing that it is never too late to let go of a “bad position.” He also said he would not touch cryptography in a million years.
As to why the price of Bitcoin is so resilient at the high $16,000 level, Cramer said on Friday: Because it’s fake and a scam. The Mad Money host concluded that cryptocurrency prices are “rising by people who want them to rise, that’s all.”
What are your thoughts on Jim Cramer’s take on cryptocurrencies? Let us know in the comments section below.
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