‘SEC Will Stop At Nothing to Control the Entire Crypto Space’, Says Former Prosecutor

The SEC is threatening to sue the NASDAQ- listed crypto exchange known as Coinbase.
SEC Wants to Control the Entire Crypto Space, Says James K. Filan

In Brief:

  • Formal Federal prosecutor says the U.S SEC will not stop at anything to control the entire crypto industry.
  • The regulator is already in a going lawsuit with Ripple Labs and its executives.
  • Supporters of $XRP and Ripple saying that “SEC’s lawsuit is not restricted to XRP but an attack on the entire crypto industry.”

A former federal prosecutor James K. Filan says that the U.S Securities and Exchange Commission (SEC) “will stop at nothing to control the entire crypto space.”

Currently, the SEC is threatening to sue the NASDAQ- listed crypto exchange Coinbase. The regulator is already in a certain ongoing lawsuit with Ripple Labs along with its executives.

James K. Filan, a formal prospector served nine years in the United States Attorney’s Office for the Official district of Connecticut. He commented that the problem with all this is not that the SEC has warned Coinbase or asked them not to start the lending program. 

They are the authorities and can evaluate and ask companies to do or not to do things. But they are trying everything in their power to make exchanges listen to them without giving any clarity.

Filan is an attorney specializing in securities litigation and government investigations. He is also a prominent voice in the Ripple community.

James k. Filan Twitted: “The SEC will stop at nothing to control the entire crypto space. This isn’t just about Ripple. Coinbase accuses the SEC of using ‘intimidation tactics behind closed doors’ to stop the company from launching a lending program.”

The crypt community was quick to point out similarities between the “ SEC threat against Coinbase and its enforcement action against Ripple Labs and its executives when it came to the sale of $XRP.” 

When the SEC sued Ripple Labs, Coinbase actually delisted $XRP. Now, $XRP proponents ask Coinbase to stand with them against the SEC and relist the token.

The supporters of $XRP and Ripple have been saying that the “SEC’s lawsuit is not restricted to XRP but an attack on the entire crypto industry.” The SEC is reportedly investigating the start-up that is operating a decentralized exchange known as Uniswap.

Brad Garlinghouse, the CEO of Ripple, Tweeted out that  “The SEC continued warfare on crypto continue to play continued in December 2020, he said that they have been having some discussion when it came to the SEC for about 3 years about XRP.”

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