FBI Director James Comey's testimony during a congressional hearing this week helped lead to this week's market selloff, TheStreet's Jim Cramer said on CNBC Wednesday. 

The director confirmed that the agency was investigating the Trump administration over possible illegal ties to Russia. Cramer mentioned that the language Comey used during the testimony could have a negative effect on the legitimacy of Trump's presidency. 

"Comey comes out ... and uses the word criminal in the same context and that makes people feel like we can rebel against this guy," Cramer said. "I think Comey scared a lot more people than people want to talk about,"

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U.S. equities had their worst session of the year Tuesday and the market continued to decline Wednesday.