Jim Cramer thanks the SEC chairman for resisting crypto bullies who are striving for a spot bitcoin ETF approval-regulation
Jim Cramer thanks the SEC chairman for resisting crypto bullies who are striving for a spot bitcoin ETF approval-regulation
The moderator of Mad Money, Jim Cramer, has thanked the chairman of the Securities and Exchange Commission (Sec), Gary Gensler, to fight against the "crypto bullies" who want the supervisory authority to approved a Spot-Bitcoin Exchange Exchange Traded Fund (ETF). Cramer has repeatedly warned that the SEC is doing against non -compliant crypto companies and asked the investors to retire from the investment class.
Jim Cramer praises SEC chairman Gary Gensler
The moderator of the CNBC show "Mad Money", Jim Cramer, has thanked the chairman of the US stock exchange supervisory authority (Sec), Gary Gensler, for not approving a Spot-Bitcoin Exchange Traded Fund (ETF). Cramer is a former hedge-fund manager who has co-founded Thestreet.com, a website for financial news and literacy.
The moderator of Mad Money tweeted on Friday:
Thank you very much, Secer Gary Gensler, that you have opposed the crypto bullies who wanted an ETF. They would have been blown into the kingdom from Genesis Global, who are now bankrupt.
The crypto loan Genesis Global Capital LLC is part of a subsidiary of the Risk capital Society Digital Currency Group (DCG). Requests Genesis bankruptcy after a sec lawsuit claims that the company and the crypto exchange Gemini not registered securities via the crypto rental program Gemini Earn offered and sold to small investors.
Another DCG subsidiary is the digital asset manager Grayscale Investments who tried to convert his flagship Bitcoin Trust (GBTC) into a spot-bitcoin ETF. However, the securities supervision has not approved the company's submission. In June last year, grayscale was submitted against the SEC. Regulatory authority to reject your Bitcoin ETF application.
In addition, Bloomberg reported at the beginning of this month that the Eastern District of New York of the US Justice Ministry (DOJ) and the SEC are examine internal transmissions between genesis and dcg.
Many people do not agree with Cramer
Many Bitcoin supporters on Twitter contradicted the host of Mad Money. Attorney John Deaton wrote : "So everyone who prefers a place Bitcoin is a bully? Class = "LAR-Automated-Link" href = "https://markets.bitcoin.com/crypto/Btc" Rel = "noopener"> Bitcoin Futures and Short-ETFs do not get into difficulties because of Bitcoin. " Etf-Store President Nate Geraci said :
I would argue exactly the opposite ... The SEC failed to approve Spot-ETF, which led to an increase in the GBTC arbituarement trade (in which large accredited investors take advantage of retail). A significant part of Genesis's solvency problems comes from lending to 3AC etc. to carry out this arbitrage trade (the exploded).
Cramer has repeatedly warned that the SEC has a " summarize "of non -compliant crypto companies that investors advise out now from crypto now . "I would not touch crypto in a million years," said the moderator of Mad Money emphasizes . He often quoted John Reed Stark, the former head of the Internet implementation of the SEC, who recently said: " Rush just starts. " After the second lawsuit against Gemini and Genesis, Cramer tweeted: "Here comes the hard resort: Genesis and Gemini are the first. We had a fabulous short squeeze run. Ka-Ching."
sec criticized
because of assertive approachWhile Cramer Gensler and the SEC estimated, many people criticized the Sec chairman for concentrating on the enforcement and taking no measures to prevent the FTX disaster afterwards several meetings with the former ftx-CEO Sam Bankman-Fried (Sbf).
The Congress Member Tom Emmer (R-MN) commented on Twitter last week after the SEC announced this fees against Gemini and Genesis: "Gary Gensler comes into play again too late, 'protected' no one. Clearly that his political" regulation through enforcement "strategy harms Americans in everyday life." In a follow-up tweet, the legislator wrote:
Gary Gensler, when can we expect proactive guidance instead of leaving it to the industry to interpret the road traffic rules through their subsequent enforcement measures?
What do you think that Jim Cramer thanks the Sec AS chairman Gary Gensler? Let us know in the comment area below.
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