039Crypto – Earlybirds Invest

“Crypto is commodity and currency”

In a video excerpt published by the @DiscoverCrypto_ X account, David Ramsey is speaking during a recent Ramsey Show and is answering questions from the co-host about his take on crypto.

His take on cryptocurrency in general seems rather mixed, since while he believes it to be a digital currency, he still refers to it as a gambling tool and a fetish.

While answering questions by his co-host, Ramsey said that he does not believe crypto to be a proven investment, since he considers it a commodity, like gold or oil. He pointed out that he does not buy oil rigs either. Ramsey said, “It’s not gonna be a proven investment, because it’s a commodity. Commodities are never a proven investment.”

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“Dumber than crap”

He said he does not do much gambling when asked about buying crypto. He then stated that crypto is a currency and he prefers not to invest in that, like he does not invest in the Japanese yen or the Deutsche Mark (now Germany and the whole EU uses the euro). According to Ramsey, fiat currencies have a long track record, but crypto is also a digital currency with a short track record. In the future, he admitted, crypto may become more legitimate when it gets a longer track record.

But so far, “it is just all the cool kids doing stupid stuff.” He likened investing in crypto to investing in emus — fancy Australian birds — rather than in cattle, which in the past was considered a great investment. Also, people want to look cool, so they are losing money on it, Ramsey stated, calling crypto a fetish.

He concluded his anti-crypto tirade by saying that crypto is “dumber than crap.”

In one of his first speeches since becoming chair of the US Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some of the regulatory concerns around the cryptocurrency industry.

In prepared remarks for a May 19 speech, Atkins said it was a “new day” for the crypto industry under the current leadership of the SEC. He suggested that the financial regulator would be more open to “adapt to and accommodate new developments” while still abiding by its statutes.

“The crypto markets have been languishing in SEC limbo for years,” said Atkins, adding:

“While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to ‘clear the brush’ through staff-level statements.”

Even before Atkins stepped into the role of SEC chair, the commission’s actions under Donald Trump suggested that it would radically depart from the direction of former chair Gary Gensler. In 2025, the SEC has dropped several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.

Related: CFTC commissioner to leave agency on May 31

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation,” said Atkins. “The markets innovate, and the SEC should not be in the business of telling them to stand still.”

Looking to Congress for market structure

Atkins’ remarks came as US lawmakers considered draft legislation to establish a regulatory structure for crypto markets. The proposed bill, moving through the House of Representatives, could clarify the roles the SEC and Commodity Futures Trading Commission (CFTC) have in overseeing and regulating digital assets.

Until the legislation passes Congress and is signed into law, the SEC’s rules and guidelines over crypto could face pushback from affected parties.

The SEC chair has given opening remarks and overseen the commission’s roundtable events, discussing regulatory issues surrounding digital assets and blockchain. The next event, scheduled for June 9, will cover decentralized finance.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered