CNBC Show “Mad Money” host Jim Cramer has recently pleaded with the U.S securities regulator. On Thursday’s episode of his show, Cramer requested the U.S. Securities and Exchange Commission to extend their control on cryptocurrency pump-and-dump schemes.
As per Cramer, Crypto Pumping is one of the most “troubling issues” that the securities regulator should be going after at this moment. He claims that there are several cryptocurrencies that are being hyped up by their creators in order for them to be liquidated once it soars a decent amount.
Cramer said, “I think it’s vital for the SEC to pursue these targets aggressively.”
The host fears that Congress may allocate crypto to the confines of the Commodity Futures Trading Commission (CFTC). CFTC, the SEC’s sister regulator, would have a very passive approach toward cryptocurrencies. As per Jim, this would be a huge mistake because of the pervasive illegal behavior in the cryptocurrency space.
SEC Chair, Gary Gensler, also condemned the attempt to defang his agency. Gary claimed that the bill would affect capital markets in a negative way. CNBC Host Jim exclaimed that the SEC should be taking action on special purpose acquisition companies (SPACs) since it is “unfair” to subject the general public to securities with such “massive defects” even if they are disclosed.
A month ago, Jim had speculated that the crypto industry had greater room to recover following the crash in June. However, even though major coins outperformed that month, they are once again on the verge of collapsing due to macroeconomic uncertainty.
The Bitcoin price itself is hovering near the $21,000 price point now, despite having reclaimed the $25,000 mark just a few days ago.