Jim Cramer Urges SEC to Do a Big Crypto Sweep — Says ‘I Wouldn’t Touch Crypto in a Million Years’

Jim Cramer Urges SEC to Do a Big Crypto Sweep — Says "I Wouldn"t Touch Crypto in a Million Years"

The host of Mad Money, Jim Cramer, says he would not touch crypto in a million years. He called investors who own various altcoins idiots and urged the U.S. Securities and Exchange Commission (SEC) to do “a big sweep” on the crypto industry. Jim Cramer’s Crypto Warnings

The host of CNBC’s Mad Money show, Jim Cramer, has issued more warnings about cryptocurrency. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on CNBC Friday: I would not touch crypto in a million years because I wouldn’t trust the deposit bank.

He was then asked whether he is making a distinction between centralized and decentralized platforms. “They fought regulation. They didn’t want regulation and you don’t have regulation,” Cramer replied, indicating that he does not trust any platforms that do not want regulation.

The Mad Money host continued: I’m just saying you are using a lot of blind faith, and I like to have my money at JPMorgan, and I check on Monday to see whether my balance is there. It feels good.

“Try getting your money out,” he advised crypto investors, adding that when he had money at a crypto firm: “It was a fight to get the money out — a fight!”

Cramer opined: I think that everybody who owns these various coins — you know, solana, litecoin — I do think you are an idiot, okay. I did not go to college to get stupid. These people who own these things should not own them. They shouldn’t own them. Jim Cramer Calls on SEC to Do a Big Crypto Sweep

Cramer also commented on the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stating that existing securities laws are adequate for the regulation of the crypto industry. He wants the SEC to “come on and enforce” crypto firms.

The Mad Money host added: I think they need to do a big sweep. They have to stop people creating money.

“It’s the creation of money by cretins. I don’t think cretins should create money and then suck people in. These are worse than even the worst Nasdaq stocks,” Cramer concluded.

The Mad Money host used to invest in bitcoin, ether, and non-fungible tokens (NFTs) but he sold all his crypto holdings last year. Cramer has been advising investors to avoid investing in speculative assets, including crypto, while the Federal Reserve continues to tighten the economy. Earlier this month, he advised investors to get out of crypto, emphasizing that it is never too late to exit “an awful position.” Tags in this story Jim Cramer, jim cramer crypto, Jim Cramer crypto advice, Jim Cramer crypto warnings, jim cramer cryptocurrency, Jim Cramer Gary Gensler, Jim Cramer SEC, mad money, mad money crypto

What do you think about the warnings by Jim Cramer about the danger of crypto investing? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin 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 between economics and cryptography. JPMorgan: Crypto Is a Nonexistent Asset Class for Most Large Institutional Investors FEATURED | 6 hours ago Twitter Adds Crypto Price Charts to Search Results FEATURED | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLastpass Data Breach Frightens Users, Some Say Hack ‘May Be Worse Than They Are Letting on’ Next articleJPMorgan: Crypto Is a Nonexistent Asset Class for Most Large Institutional Investors Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin