Jim Cramer urges regulators to carry out a ‘big cleanup’ of the crypto industry

The U.S. Securities and Exchange Commission (SEC) should tighten regulation of cryptocurrency firms and carry out a ‘big cleanup’ of the industry, said Jim Cramer, the former head of the hedge fund Cramer & Co. and host of Mad Money.

“I would not touch crypto in a million years, because I wouldn’t trust the deposit bank,” Jim Cramer says while discussing the fallout of the collapse of FTX. https://t.co/0VbM5tYThE pic.twitter.com/9kqVMvbSOw

— CNBC (@CNBC) December 23, 2022

In his view, the digital-asset industry remains outside regulatory oversight, in part because industry players have long resisted regulation. Cramer stressed that investors do not trust this state of affairs.

“They fought regulation, they didn’t want it, and they have no regulation. […] I’m simply saying it’s blind faith. I like keeping my money in JPMorgan. And on Monday I’ll check whether my balance is in order. I find that reassuring,” he said.

Cramer urged the SEC to redouble its efforts to pursue unscrupulous players in the cryptocurrency market. In his view, that is the way to protect investors and prevent illicit enrichment by fraudsters.

“I think they need to conduct a big cleanup. They should stop people who create money out of thin air,” he added.

Back in December, Cramer said that XRP, Cardano, Polygon and Dogecoin could fall to zero.

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