A recent update shared by CNBC Squawk Box, captured Jim Cramer statement, saying that they know nothing about altcoins like Solana and XRP.
It is worth noting that Cramer’s statement was because the government does not want to have anything to do with the assets talkless of regulating them.
Jim Cramer says They Know Nothing About XRP And Solana
Cramer noted; “I find the level of arrogance for people who think that crypto’s good shocking,” the CNBC Mad Money host said. “What do we know about Solana? What do we know about XRP? The answer is zero. The reason we know zero is because the government doesn’t feel it should be regulated.”
Crypto Users React To Cramer’s Statement
This statement by Cramer Jim has prompted a lot of reactions from the Ripple community and crypto as a whole.
For instance, attorney Deaton, the amicus attorney and the one that represents over 75k XRP holders in the ongoing lawsuit against SEC, said that XRP is subject to US regulation and documented as a virtual currency in opposition to the Mad Money host’s claims.
According to the attorney Deaton, the government enforce Ripple to agree with several banking regulations in 2015, which include Bank Secrecy Act.
He also noted that in 2019, the report shows that the Financial Stability Oversight Council signed off by the current chair of the Federal Reserve, Jerome Powell, and the former SEC chair Jay Clayton among others, labels XRP as a virtual currency.
“… we know A LOT about XRP, not nothing as you suggest,” Deaton imagined.
Following the attorney Deaton, some of the crypto community members also gave their points of view.
Users noted that if the public knows nothing about these digital assets, it is not due to a lack of regulation but because the media and analysts like Cramer have failed to educate them.
Additionally, the report shows that Mad Money has been unstable in its prediction in the crypto space as it once stated in April that Ethereum will hit the $4,100 point which never happens till now also Cramer once said that there are a lot of fortunes to be locked in the crypto space and urged the investors to include it in their portfolio, albeit advising that they employ sound risk management.
With all these, it is no doubt that Cramer has been inconsistent in the crypto industry as he has given a series of wrong predictions which had led many to question his ability.