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Mad Money host Jim Cramer stands up to SEC chairman Gary Gensler as he stands up to ‘crypto bullies’ who want regulators to approve a Bitcoin exchange-traded fund (ETF) I am grateful to Cramer has repeatedly warned that the SEC will crack down on non-compliant cryptocurrency companies, urging investors to exit the asset class now.
CNBC’s Mad Money Show host Jim Cramer thanked U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler for not approving spot Bitcoin exchange-traded funds (ETFs). bottom. Cramer is a former hedge fund manager, where he co-founded Thestreet.com, his website for financial news and literacy.
The Mad Money host tweeted on Friday:
Thank you to SEC Chief Gary Gensler for standing up to crypto bullies who want ETFs. They may have been blown into the kingdom by Genesis Global, which is currently filing for bankruptcy.
Cryptocurrency lender Genesis Global Capital LLC is part of a subsidiary of venture capital firm Digital Currency Group (DCG).genesis application bankruptcy comply with the SEC lawsuit The company and cryptocurrency exchange Gemini allege that they offered and sold unregistered securities to retail investors through a cryptocurrency lending program called Gemini Earn.
Another subsidiary of DCG is digital asset manager Grayscale Investments, which is looking to transform its flagship Bitcoin Trust (GBTC) into a spot Bitcoin ETF. However, securities regulators have not approved the company’s filing.Last June, Grayscale filed a lawsuit against the SEC We challenge the regulator’s decision to reject the Bitcoin ETF application.
Additionally, Bloomberg reported earlier this month that the U.S. Department of Justice (DOJ) Eastern District of New York and the SEC investigating Internal transfer between Genesis and DCG.
Many Bitcoin supporters on Twitter disagreed with the Mad Money host.Lawyer John Deaton I have written: “So whoever likes the spot Bitcoin Are ETFs bullies? Cramer believes that Gary Gensler has protected people by not granting spot he ETFs. Bitcoin There are futures and short ETFs. These companies never got in trouble because of Bitcoin. ETF Store President Nate Jerash commented:
I would argue just the opposite… The SEC’s failure to approve spot ETFs has led to an increase in GBTC arbitrage (where large accredited investors go retail). A significant part of Genesis’ solvency problems stems from him lending to the likes of 3AC to run its arbitrage deals (which ended in a fiasco).
Cramer said the SEC would round upInvestors Advise Non-Compliant Crypto Firms get out of the cipher now‘I won’t touch cryptocurrencies in a million years’ Mad Money host emphasizedHe often quoted John Reed Stark, the SEC’s former Internet operating officer.Regulatory Onslaught is just beginning. Cramer tweeted following his SEC lawsuit against Gemini and Genesis. I had a great short squeeze run. Kachin. Kachin.
Cramer praised Gensler and the SEC, but many criticized the SEC chair for focusing on law enforcement and taking no action to prevent the ensuing FTX catastrophe. some meetings With former FTX CEO Sam Bankman-Fried (SBF).
Rep. Tom Emer (R-Minnesota) made comments on Twitter last week after the SEC made the announcement. price Against Gemini and Genesis: ‘Gary Gensler is late to the game again and no one is ‘protecting’. It is clear that his political “regulation by enforcement” strategy hurts everyday Americans. In a follow-up tweet, the lawmaker wrote:
Gary Gensler, when can we expect proactive guidance rather than leaving the industry to interpret the rules of the road through ex post enforcement action?
What are your thoughts on Jim Cramer thanking SEC Chairman Gary Gensler? Let us know in the comments section below.
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