22845 Don't be a sucker! Jim Cramer says crypto pump-and-dumps are no laughing matter

Don’t be a sucker! Jim Cramer says crypto pump-and-dumps are no laughing matter

– CNBC’s Jim Cramer has urged the U.S. Securities and Exchange Commission to crack down on cryptocurrency pump-and-dump schemes on Thursday’s episode of his “Mad Money” show.
– Cramer claims that there are tons of cryptocurrencies that are being propped up by their creators and end up being liquidated into the hype.
– He fears that Congress may put crypto under the purview of the Commodity Futures Trading Commission (CFTC), the SEC’s sister regulator that would have a much less aggressive approach toward cryptocurrencies.
– Cramer also believes that the SEC should take 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.

 

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