American television personality and author James Joseph Cramer aka Jim Cramer calls on the U.S. Securities and Exchange Commission (SEC) to take action against crypto pump-and-dump schemes.
In an episode of his CNBC show Mad Money, Cramer said that a large number of cryptocurrencies are being boosted by their developers and ultimately liquidated into the hype.
One of the most “troubling issues” that the securities regulator should be looking into right now, in Cramer’s opinion, is cryptocurrency pumping.
Cramer worries that Congress may subject cryptocurrencies to regulation by the Commodity Futures Trading Commission (CFTC), which would considerably have a more conciliatory stance toward cryptocurrencies.
Also Read: New US Senate Bill to Make CFTC the Official Crypto Regulator
That, in Cramer’s opinion, would be a grave mistake given the prevalence of illicit activity in the cryptocurrency industry.
Jim Cramer also thinks that special purpose acquisition companies (SPACs) should be the subject of SEC action since it is “unfair” to expose the general public to securities that have such defects, even if they are disclosed.
Cramer noted, “I think it’s vital for the SEC to pursue these targets aggressively.”
