‘SEC Will Stop at Nothing to Control Entire Crypto Space,’ Says Former Federal Prosecutor

A former federal prosecutor says that the U.S. Securities and Alternate Fee (SEC) “will cease at nothing to manage all the crypto area.”  The SEC has now threatened to sue the Nasdaq-listed crypto exchange Coinbase. The regulator is already in an ongoing lawsuit with Ripple Labs and its executives.

SEC Going After Entire Crypto Space, Says Former Federal Prosecutor

James K. Filan, a former federal prosecutor who served for nine years in the United States Attorney’s Office for the District of Connecticut, commented on the warning issued by the U.S. Securities and Alternate Fee (SEC) relating to Coinbase’s Lend program Wednesday.

Filan is an attorney specializing in securities litigation and government investigations. He’s additionally a outstanding voice within the Ripple group. Filan tweeted:

The SEC will stop at nothing to control the entire crypto space. This isn’t nearly Ripple. Coinbase accuses the SEC of using ‘intimidation tactics behind closed doors’ to stop the company from launching a lending program.

Coinbase revealed late Tuesday that the SEC has threatened to sue the corporate over its lending product. “The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion,” the Nasdaq-listed crypto exchange said.

The crypto group was fast to level out similarities between the SEC’s menace in opposition to Coinbase and its enforcement motion in opposition to Ripple Labs and its executives over the sale of XRP. When the SEC sued Ripple Labs, Coinbase was quick to delist XRP. Now, XRP proponents are asking Coinbase to stand with them against the SEC and relist the token.

Supporters of XRP and Ripple have lengthy mentioned that the SEC’s lawsuit just isn’t restricted to XRP however an assault on all the crypto business. The SEC is also reportedly investigating the startup that operates the decentralized exchange Uniswap.

Ripple CEO Brad Garlinghouse tweeted Wednesday: “The SEC’s continued warfare on crypto continues to play out. In Dec 2020, I said that we’d been having discussions with the SEC for nearly 3 years about XRP, ‘..and yet never been met with clarity.’ Sound familiar!?”

Stuart Alderoty, a basic counsel for Ripple, chimed in:

We are told to engage w/ the SEC in good faith … and what do we get? Enforcement actions (or threats of them) with no readability. Their preferred method of strong arm intimidation and inconsistently applying unclear rules hurts consumers and markets in the end.

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