Jim Cramer, host of Mad Money, has expressed gratitude towards SEC Chairman Gary Gensler for resisting pressure from those in the crypto industry pushing for approval of a bitcoin ETF. Cramer has previously advised investors to exit the crypto market due to the SEC’s enforcement against non-compliant companies.
Jim Cramer Hails SEC Chairman Gary Gensler for Bravely Standing up to the Crypto Bullies Mad Money host Jim Cramer has praised Securities and Exchange Commission (SEC) Chairman Gary Gensler for taking a bold stand against the approval of a spot bitcoin exchange-traded fund (ETF). Cramer, a former hedge fund manager and co-founder of Thestreet.com, has been a vocal critic of the crypto industry, warning investors to stay away from the asset class.
In a recent statement, Cramer thanked Gensler for standing up to the “crypto bullies” who have been pushing for the approval of a bitcoin ETF. He believes that Gensler’s decision to not approve the ETF is a victory for investors who are looking to protect themselves from the risks associated with the crypto market.
Cramer has repeatedly warned about the volatility and lack of regulation in the crypto industry, and has urged investors to be cautious when considering investing in cryptocurrencies. He has also praised Gensler for his efforts to crack down on uncompliant crypto firms, which he believes is necessary to protect investors from fraud and scams.
With Gensler’s leadership at the helm of the SEC, Cramer believes that the regulator will continue to take a strong stance against the crypto industry, helping to safeguard investors and promote a fair and transparent market.
He is confident that Gensler’s actions will help to prevent the crypto market from becoming a breeding ground for fraud and scams, and will help to protect investors from losing their hard-earned money.
Genesis Global Capital, a crypto lender and a subsidiary of Digital Currency Group (DCG), has filed for bankruptcy following an SEC lawsuit that alleged that the company and crypto exchange Gemini offered and sold unregistered securities to retail investors through the Gemini Earn crypto asset lending program.
Another subsidiary of DCG, Grayscale Investments, which is a digital asset manager, has been trying to convert its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF, but the SEC has not approved its filing. In June 2020, Grayscale filed a lawsuit against the SEC challenging the regulator’s decision to reject its bitcoin ETF application.
In addition, according to Bloomberg, the U.S. Department of Justice (DOJ)’s Eastern District of New York and the SEC are investigating internal transfers between Genesis and DCG.
Joy Rice is a computer science graduate and crypto writer with a strong understanding of blockchain technology. She writes about the latest developments in the crypto industry, and is passionate about educating and informing readers about the potential uses of blockchain.