The host of Mad Money, Jim Cramer, says he expects the U.S. Securities and Exchange Commission (SEC) 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.
Jim Cramer’s Latest Crypto Warnings
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.
Following a joint statement about crypto risks by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), Cramer said on CNBC Wednesday:
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:
He said the SEC is going to sweep everything, which is why I am telling everybody: 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 material to the SEC roundup.
Cramer clarified:
I’m not calling for a crypto collapse. I’m calling for a collapse of…
