Jim Cramer Thanks SEC Chairman for Standing up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval

The big of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for lasting up to the “crypto bullies” who privation the regulator to o.k. a spot bitcoin exchange-traded money (ETF). Cramer has repeatedly warned astir the SEC cracking down connected uncompliant crypto firms, urging investors to get retired of the plus people now.

Jim Cramer Praises SEC Chairman Gary Gensler

The big of CNBC’s Mad Money show, Jim Cramer, has thanked the president of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded money (ETF). Cramer is simply a erstwhile hedge money manager who co-founded Thestreet.com, a fiscal quality and literacy website.

The Mad Money big tweeted Friday:

Thank you, SEC Chief Gary Gensler for lasting up to the crypto bullies who wanted an ETF. They could person been blown to kingdom travel by Genesis Global, present filing for bankruptcy.

Crypto lender Genesis Global Capital LLC is portion of a subsidiary of task superior steadfast Digital Currency Group (DCG). Genesis filed for bankruptcy pursuing an SEC lawsuit alleging that the institution and crypto speech Gemini offered and sold unregistered securities to retail investors done the Gemini Earn crypto plus lending program.

Another DCG subsidiary is integer plus manager Grayscale Investments, which has been trying to person its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF. However, the securities watchdog has not approved the company’s filing. In June past year, Grayscale filed a suit against the SEC challenging the regulator’s determination to cull its bitcoin ETF application.

In addition, Bloomberg reported earlier this period that the U.S. Department of Justice (DOJ)’s Eastern District of New York and the SEC are investigating interior transfers betwixt Genesis and DCG.

Many People Disagree With Cramer

Many bitcoin proponents connected Twitter disagreed with the Mad Money host. Lawyer John Deaton wrote: “So anyone who favored a spot BTC ETF is simply a bully? Cramer believes radical were protected by Gary Gensler NOT granting a spot ETF, adjacent though BTC futures and abbreviated ETFs exist. These companies didn’t get successful occupation due to the fact that of bitcoin.” ETF Store President Nate Geraci opined:

I would reason nonstop opposite… SEC failing to o.k. spot ETF led to emergence of GBTC arbitrage commercialized (where ample accredited investors took vantage of retail). Meaningful information of Genesis solvency issues stem from lending to 3AC, etc to execute that arbitrage commercialized (which blew up).

Cramer has repeatedly warned astir the SEC doing a “roundup” of uncompliant crypto firms, advising investors to get retired of crypto now. “I wouldn’t interaction crypto successful a cardinal years,” the Mad Money big stressed. He often cited John Reed Stark, SEC’s erstwhile caput of net enforcement, who precocious said a “regulatory onslaught is conscionable beginning.” Following the SEC suit against Gemini and Genesis, Cramer tweeted: “Here comes the crackdown: Genesis and Gemini are first. We person had a fabulous abbreviated compression run. Ka-ching. Ka-ching.”

SEC Slammed for Enforcement-Centric Approach

While Cramer appreciated Gensler and the SEC, galore radical person criticized the SEC president for focusing connected enforcement and not taking enactment to forestall the FTX catastrophe aft several meetings with erstwhile FTX CEO Sam Bankman-Fried (SBF).

Congressman Tom Emmer (R-MN) commented connected Twitter past week aft the SEC announced charges against Gemini and Genesis: “Gary Gensler is erstwhile again precocious to the game, ‘protecting’ nary one. Quite wide that his governmental ‘regulation done enforcement’ strategy hurts mundane Americans.” In a follow-up tweet, the lawmaker wrote:

Gary Gensler, erstwhile tin we expect proactive guidance alternatively of leaving the manufacture to construe the rules of the roadworthy done your after-the-fact enforcement actions?

What bash you deliberation astir Jim Cramer thanking SEC Chairman Gary Gensler? Let america cognize successful the comments conception below.

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