Jim Cramer Urges SEC to Do Big Crypto Sweep – Says “I Won’t Touch Crypto in a Million Years” – Featured Bitcoin News

Mad Money host Jim Cramer says he won’t 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

CNBC’s Mad Money host Jim Cramer has issued more cryptocurrency warnings. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on CNBC on Friday:

I wouldn’t touch crypto in a million years because I wouldn’t trust the depository bank.

He was then asked if he made a distinction between centralized and decentralized platforms. “They fought against the regulations. They didn’t want regulation and you don’t have regulation,” Cramer replied, indicating that he doesn’t trust any platform that doesn’t want regulation.

The Mad Money host continued:

I’m just saying you use a lot of blind faith, and I like having my money at JPMorgan, and I’m checking Monday to see if my balance is there. It feels good.

“Try to get your money out,” he advised crypto investors, adding that when he had money in a crypto business: “It was a fight to get the money out – a fight! “

Cramer said:

I think everyone who owns these different coins – you know, solana, litecoin – I think you’re an idiot, okay. I didn’t go to college to be stupid. Those people who own these things should not own them. They shouldn’t own them.

Jim Cramer calls on the SEC to do a big crypto sweep

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

The Mad Money host added:

I think they need to do a big sweep. They have to prevent people from creating money.

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

The Mad Money Host used to invest in bitcoin, ether and non-fungible tokens (NFTs), but it sold all his crypto holdings last year. Cramer advises investors to avoid invest in speculative assets, including crypto, as the Federal Reserve continues to tighten the economy. Earlier this month he informed investors to get out of crypto, stressing that it’s never too late to get out of “an awful position”.

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

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