Jimmy Cranks It Up! Jim Cramer Wants SEC Chairman To Fight “Crypto Bullies”
Man on a mission Jim Cramer is urging Sec Chairman Jay Clayton to not be intimidated by so-called “crypto bullies” who are shouting for the approval of a spot Bitcoin ETF. According to Mr. Cramer, these bullyboy tactics won’t move the needle.
Clayton Has Got His Back
Cramer, the professional investor and co-founder of TheStreet.com, recently spoke out on the highly controversial topic. In response to crypto advocates who want the SEC to approve a Bitcoin ETF, Cramer thanked Clayton for “standing up to the crypto bullies.” Cramer also said “The SEC should in no way compromise its standards because of pressure from any group of individuals.”
At the same time, Cramer is by no means an opponent of cryptocurrency. He celebrated progress he witnessed in the digital currency world over the past year. Cramer’s concerns revolve around the risk of investing in a spot Bitcoin ETF and how it could impact the SEC’s overall mission. According to Cramer, “I think the SEC needs to stand firm and go no farther than they originally intended.”
Why Cramer is Thankful
Cramer is thankful for Chairman Clayton’s firm stance against crypto “bullies” and his overall stewardship of the SEC—particularly when it comes to protecting retail investors. Cramer said he would like Clayton to continue to focus on “making the exchange of shares fair, efficient and investor-friendly.”
Why Crypto Bulls Should Take Heed
Cramer’s message resonates with both Wall Street veterans and Main Street investors alike. He is giving the growing “crypto bull” camp a reality check. The SEC’s primary job is to protect everyday investors from financial fraud, not to serve as the marketing arm of the crypto world. Cramer’s warning to crypto enthusiasts is to channel their energies away from trying to pressure SEC regulators into embracing something when it might not be fully ready, to instead try and work to improve their own products and services.
Summary
Amidst the Bitcoin ETF debate, it’s nice to see Jim Cramer sticking up for the retail investor. Kudos to Chairman Clayton for standing up to the “crypto bullies”, and back to them we reframe: Let’s focus on improving our products and services, instead of trying to push something through the system that may not be in the best interest of everyday investors.
