Jim Cramer wants the SEC to investigate the crypto industry

[ad_1]

Jim Cramer is back, chatting about cryptocurrencies while posting another asset warning.

The American economist asked the United States Securities and Exchange Commission (SEC) to conduct an investigation into the entire cryptocurrency trade.

Cramer said he didn’t trust banks and that bitcoin was one of the things he would never engage in, or even consider in the future. These statements were made by Cramer during an interview that took place on CNBC on December 23.

I wouldn’t touch crypto in a million years because I wouldn’t trust the depository bank.

Jim Cramer

The Economist, in response to the question about the distinction between centralized and decentralized crypto platforms, noted that no type of platform has regulation, and no type of platform wants to have regulation.

On top of that, he once again advised anyone who has invested in cryptocurrencies to do everything possible to withdraw their funds before it is too late.

Cramer also shared his thoughts on Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), who recently suggested that the crypto industry could be regulated using the same securities standards that are already in place. As a result, the economist believes the SEC should act quickly to begin enforcing regulations against bitcoin businesses.

He said it was the process of making money, adding that he was against the idea that morons should be able to generate money and then scam other people. These stocks have performed better than even the worst performers on the Nasdaq, he said.

Following the failure of FTX and the recent decision by Mazars to stop auditing cryptocurrency companies, government agencies in the United States, most notably the Securities and Exchange Commission (SEC), are reviewing the evidence of reserves (POR) with increased attention. exam level these days.

Paul Munter, who works as a senior accountant for the SEC, told investors why they shouldn’t place great faith in ROP audits and assertions.

According to the WSJ report, the SEC is concerned that investors are getting a false sense of confidence from reports produced by companies.

Warned investors to beware of some of the claims made by crypto companies. Investors should not place too much faith in the mere fact that a company claims to have obtained proof of reserves from an auditing firm.

Paul Munter

Munter went on to explain that an investor does not have access to enough information to determine, based on the results of a POR audit, whether or not a company has enough assets to meet its obligations.

According to what the SEC official told the WSJ, the government agency is gaining a better understanding of what is happening in the market.

Munter went on to say that if they identify patterns of facts that we consider to be troubling, they would consider referring the matter to the Enforcement Division.

[ad_2]