The US Securities and Exchange Commission (SEC) should tighten the regulation of cryptocurrency companies and conduct a “big sweep” of the industry. This was stated by the former manager of the hedge fund Cramer & Co. and Mad Money show host Jim Kramer.
“I would not touch crypto in a million years, because I wouldn’t trust the deposit bank,” Jim Cramer says while discussing the fallout of the collapse of FTX. https://t.co/0VbM5tYThE pic.twitter.com/9kqVMvbSOw
— CNBC (@CNBC) December 23, 2022
According to him, the digital asset industry still remains outside the control of supervisory authorities, including because the industry representatives have been “fighting regulation” for a long time. Kramer stressed that this fact does not inspire confidence among investors.
“They fought regulation, they didn’t want it, and they don’t have regulation. […] I’m just saying it’s blind faith. I like to keep money in JPMorgan. And on Monday I will check if my balance is in order. I enjoy it,” he said.
Kramer urged the SEC to intensify its efforts to prosecute unscrupulous players in the cryptocurrency market. In his opinion, this is how you can protect investors and prevent illegal enrichment of scammers.
“I think they need to do a big cleanup. They have to stop people creating money out of thin air,” he added.
Recall that in December, Kramer said that XRP, Cardano, Polygon and Dogecoin quotes could drop to zero.
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