{"id":16726,"date":"2023-01-22T02:54:45","date_gmt":"2023-01-22T02:54:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/jim-cramer-thanks-sec-chairman-for-standing-up-to-crypto-bullies-seeking-spot-bitcoin-etf-approval-regulation-bitcoin-news\/"},"modified":"2023-01-22T02:54:45","modified_gmt":"2023-01-22T02:54:45","slug":"jim-cramer-thanks-sec-chairman-for-standing-up-to-crypto-bullies-seeking-spot-bitcoin-etf-approval-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/jim-cramer-thanks-sec-chairman-for-standing-up-to-crypto-bullies-seeking-spot-bitcoin-etf-approval-regulation-bitcoin-news\/","title":{"rendered":"Jim Cramer Thanks SEC Chairman for Standing up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the \u201ccrypto bullies\u201d who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). <\/strong>Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now.<\/strong><\/p>\n

Jim Cramer Praises SEC Chairman Gary Gensler<\/h2>\n

The host of CNBC\u2019s 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.<\/p>\n

The Mad Money host tweeted Friday:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

Crypto lender Genesis Global Capital LLC is part of a subsidiary of venture capital firm Digital Currency Group (DCG). Genesis filed for bankruptcy<\/a> following an SEC lawsuit<\/a> alleging that the company and crypto exchange Gemini offered and sold unregistered securities to retail investors through the Gemini Earn crypto asset lending program.<\/p>\n

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\u2019s filing. In June last year, Grayscale filed a lawsuit against the SEC<\/a> challenging the regulator\u2019s decision to reject its bitcoin ETF application.<\/p>\n

In addition, Bloomberg reported earlier this month that the U.S. Department of Justice (DOJ)\u2019s Eastern District of New York and the SEC are investigating<\/a> internal transfers between Genesis and DCG.<\/p>\n

Many People Disagree With Cramer<\/h2>\n

Many bitcoin proponents on Twitter disagreed with the Mad Money host. Lawyer John Deaton wrote<\/a>: \u201cSo anyone who favored a spot BTC<\/a> ETF is a bully? Cramer believes people were protected by Gary Gensler NOT granting a spot ETF, even though BTC<\/a> futures and short ETFs exist. These companies didn\u2019t get in trouble because of bitcoin.\u201d ETF Store President Nate Geraci opined<\/a>:<\/p>\n

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I would argue exact opposite\u2026 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).<\/p>\n<\/blockquote>\n

Cramer has repeatedly warned about the SEC doing a \u201croundup<\/a>\u201d of uncompliant crypto firms, advising investors to get out of crypto now<\/a>. \u201cI wouldn\u2019t touch crypto in a million years,\u201d the Mad Money host stressed<\/a>. He often cited John Reed Stark, SEC\u2019s former head of internet enforcement, who recently said a \u201cregulatory onslaught<\/a> is just beginning.\u201d Following the SEC lawsuit against Gemini and Genesis, Cramer tweeted: \u201cHere comes the crackdown: Genesis and Gemini are first. We have had a fabulous short squeeze run. Ka-ching. Ka-ching.\u201d<\/p>\n

SEC Slammed for Enforcement-Centric Approach<\/h2>\n

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<\/a> with former FTX CEO Sam Bankman-Fried (SBF).<\/p>\n

Congressman Tom Emmer (R-MN) commented on Twitter last week after the SEC announced charges<\/a> against Gemini and Genesis: \u201cGary Gensler is once again late to the game, \u2018protecting\u2019 no one. Quite clear that his political \u2018regulation through enforcement\u2019 strategy hurts everyday Americans.\u201d In a follow-up tweet, the lawmaker wrote:<\/p>\n

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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?<\/p>\n<\/blockquote>\n

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\nTags in this story
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Cryptocurrency regulation<\/a>, gary gensler crypto<\/a>, Jim Cramer<\/a>, jim cramer bitcoin<\/a>, jim cramer btc<\/a>, jim cramer crypto<\/a>, jim cramer cryptocurrency<\/a>, Jim Cramer Gary Gensler<\/a>, Jim Cramer Gemini<\/a>, Jim Cramer Genesis<\/a>, Jim Cramer SEC<\/a>, jim cramer spot bitcoin etf<\/a>, spot bitcoin etf<\/a><\/div>\n<\/div>\n

What do you think about Jim Cramer thanking SEC Chairman Gary Gensler? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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