Mad Money host Jim Cramer stood up to “crypto bullies” who want regulators to approve spot bitcoin-listed funds (ETFs) SEC Chairman He thanked Gary Gensler for his support. Cramer has repeatedly warned the SEC about cracking down on non-compliant crypto companies and urged investors to get out of the asset class now.
Jim Cramer has praised SEC Chairman Gary Gensler
Jim Cramer, host of CNBC’s “Mad Money” show, has expressed gratitude to Securities and Exchange Commission (SEC) Chairman Gary Gensler for not approving a bitcoin exchange-traded fund (ETF) on the spot. Cramer is a former hedge fund manager and co-founder of Thestreet.com, a financial news and literacy website.
The Mad Money host tweeted Friday.
Thank you SEC Commissioner Gary Gensler for standing up to the crypto bullies who want ETFs. They could have been blown to kingdom come by Genesis Global, which is now filing for bankruptcy.
Crypto lender Genesis Global Capital LLC is part of a subsidiary of venture capital firm Digital Currency Group (DCG). Genesis filed for bankruptcy following an SEC lawsuit alleging that the company and crypto exchange Gemini offered and sold unregistered securities to retail investors through the Gemini Earn crypto asset lending program.
Another DCG subsidiary is Grayscale Investments, a digital asset manager that has been trying to convert its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF. However, the Securities and Exchange Commission has not approved the company’s application. Last June, Grayscale filed a lawsuit against the SEC challenging the regulator’s decision to reject the company’s bitcoin ETF application.
Additionally, Bloomberg reported earlier this month that the U.S. Department of Justice’s (DOJ) Eastern District of New York and the SEC are investigatinginternal transfers between Genesis and DCG
Many people are
against Kramer.
Many Bitcoin supporters on Twitter oppose the Mad Money moderator. Attorney John Deatonsays: “So anyone who supported SpotBTC ETF is a bully? Cramer thinks people were protected by Gary Gensler’s refusal to allow spot ETFs BTC futures and short ETFs do exist. These companies didn’t get in trouble for bitcoin.” ETF Store President Nate Geraci opined that:
I would argue the exact opposite, that the SEC’s failure to approve spot ETFs led to the rise of GBTC arbitrage (retail use by large accredited investors). A significant portion of Genesis’ solvency problems stemmed from its loans to 3AC and others to execute its arbitrage transactions (which exploded).
Cramer has repeatedly warned against doing “round-ups” of crypto companies that are not SEC compliant and advises investors to get out of crypto now.” I wouldn’t touch crypto i