Former Prosecutor Says 'SEC Will Stop at Nothing to Control the Entire Crypto Space' while Threatening Coinbase as Ripple Lawsuit Continues
(Photo : Image from Unsplash Website) Former Prosecutor Says 'SEC Will Stop at Nothing to Control the Entire Crypto Space' while Threatening Coinbase as Ripple Lawsuit Continues

The SEC is now threatening the NASDAQ-listed crypto exchange Coinbase as the messy lawsuit with Ripple Labs and its executives continues. Will the SEC be successful at jabbing at decentralization?

SEC Against Coinbase and Ripple

According to the story by News.Bitcoin.com, a former federal prosecutor is now saying that the United States Securities and Exchange Commission or SEC will stop at nothing in order to be able to control the entire crypto space. As of the moment, the SEC is threatening to sue the NASDAQ-listed crypto exchange known as Coinbase.

The regulator is already in a certain ongoing lawsuit with Ripple Labs along with its executives. The former federal prosecutor notes that the SEC is trying to go after the entire crypto space. As of the moment, $SOL has remained to be bullish despite the bearish crypto market.

Former Federal Prosecutor Gives Thoughts

According to the former federal prosecutor, James K. Filan, who has served for nine years in the United States Attorney's Office for the official District of Connecticut, gave a comment regarding the warning that was issued by the SEC regarding Coinbase's very own Lend Program.

Filan is known as an attorney that specializes in securities litigation as well as government investigations. He is also quite a prominent voice in the whole Ripple community. Filan tweeted out that the SEC will reportedly stop at nothing in order to get control of the entire crypto space.

Coinbase Accuses SEC of Intimidation

It was noted that this isn't just regarding Ripple. Coinbase now accuses the SEC of the use of intimidation tactics behind closed doors to stop the company from launching its new lending program. Brain Armstrong still says the SEC lawsuit against Coinbase Lend is still very thin and that the SEC has no exact case against them.

Coinbase revealed that the SEC has actually threatened to sue the company over its upcoming lending program. It was noted that the SEC told them to consider Lend to involve security. However, they wouldn't say why or even how they'd reach that particular conclusion.

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SEC Sued Ripple and Coinbase Delists Token

The crypto community was very quick to point out certain similarities when it came to SEC's threat against Coinbase as well as 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. As of the moment, $XRP proponents are also asking Coinbase to stand with them when it comes to being against the SEC and relist the said token.

The supporters of $XRP and Ripple have been saying that the official SEC lawsuit still isn't restricted to $XRP but an attack directly on the entire crypto industry. The SEC is now also reportedly investigating the startup that is operating the decentralized exchange known as Uniswap.

Brad Garlinghouse, the CEO of Ripple, Tweeted out that the SEC's continued warfare when it came to crypto still continues to play out. He noted that in December 2020, he said that they have been having some discussions when it came to the SEC for about three years regarding $XRP.

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Written by Urian B.

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