Bitcoin News and Finance
Jim Cramer Thanks SEC Chairman for Standing up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval Skip to main content

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

Jim Cramer Thanks SEC Chairman for Standing up to 'Crypto Bullies'

The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now.

Jim Cramer Praises SEC Chairman Gary Gensler

The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

The Mad Money host tweeted Friday:

Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, 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 digital asset manager Grayscale Investments, which has been trying to convert its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF. However, the securities watchdog has not approved the company’s filing. In June last year, Grayscale filed a lawsuit against the SEC challenging the regulator’s decision to reject its bitcoin ETF application.

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

Many People Disagree With Cramer

Many bitcoin proponents on Twitter disagreed with the Mad Money host. Lawyer John Deaton wrote: “So anyone who favored a spot BTC ETF is a bully? Cramer believes people were protected by Gary Gensler NOT granting a spot ETF, even though BTC futures and short ETFs exist. These companies didn’t get in trouble because of bitcoin.” ETF Store President Nate Geraci opined:

I would argue exact opposite… SEC failing to approve spot ETF led to rise of GBTC arbitrage trade (where large accredited investors took advantage of retail). Meaningful portion of Genesis solvency issues stem from lending to 3AC, etc to execute that arbitrage trade (which blew up).

Cramer has repeatedly warned about the SEC doing a “roundup” of uncompliant crypto firms, advising investors to get out of crypto now. “I wouldn’t touch crypto in a million years,” the Mad Money host stressed. He often cited John Reed Stark, SEC’s former head of internet enforcement, who recently said a “regulatory onslaught is just beginning.” Following the SEC lawsuit against Gemini and Genesis, Cramer tweeted: “Here comes the crackdown: Genesis and Gemini are first. We have had a fabulous short squeeze run. Ka-ching. Ka-ching.”

SEC Slammed for Enforcement-Centric Approach

While Cramer appreciated Gensler and the SEC, many people have criticized the SEC chairman for focusing on enforcement and not taking action to prevent the FTX catastrophe after several meetings with former FTX CEO Sam Bankman-Fried (SBF).

Congressman Tom Emmer (R-MN) commented on Twitter last week after the SEC announced charges against Gemini and Genesis: “Gary Gensler is once again late to the game, ‘protecting’ no one. Quite clear that his political ‘regulation through enforcement’ strategy hurts everyday Americans.” In a follow-up tweet, the lawmaker wrote:

Gary Gensler, when can we expect proactive guidance instead of leaving the industry to interpret the rules of the road through your after-the-fact enforcement actions?

What do you think about Jim Cramer thanking SEC Chairman Gary Gensler? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory