Jim Kramer called on regulators to conduct a "big sweep" of the crypto industry

The U.S. Securities and Exchange Commission (SEC) should tighten regulation of cryptocurrency companies and conduct a "big sweep" of the industry. This was stated by the ex-hedge fund manager Cramer & Co. and Mad Money show host Jim Kramer.

According to him, the digital asset industry still remains beyond the control of supervisory authorities, including because representatives of the industry have been "struggling with regulation" for a long time. Kramer stressed that this fact does not inspire confidence among investors.

"They fought regulation, they didn't want it, and they don't have regulation. [...] I'm just saying it's blind faith. I like to keep money in JPMorgan. And on Monday I will check if my balance is in order. I am pleased with this," he said

Kramer called on the SEC to step up efforts in the plane of prosecution of unscrupulous players of the cryptocurrency market. In his opinion, this is how investors can be protected and illegal enrichment of fraudsters can be prevented.

"I think they need to do a big sweep. They have to stop people creating money out of thin air," he added.

Recall that in December, Kramer said that the quotes of XRP, Cardano, Polygon and Dogecoin could drop to zero.