Former US federal prosecutor says SEC will do everything it can to control the entire crypto space
Former US federal prosecutor says SEC will do everything it can to control the entire crypto space By Editor DiarioBitcoin

Two events could be the keys to that scrutiny: the SEC’s threat to Coinbase and the lawsuit against Ripple.

***

Yesterday, the CEO of Coinbase, the leading US exchange, Brian Armstrong, made public on Twitter

his discomfort about

a warning he received from the US Securities and Exchange Commission about a new product he planned to bring to the investment market: a loan product with the stablecoin USD Coin.

This threat by the SEC to sue Coinbase, led James K. Filan, former U.S. Attorney for the U.S. Attorney’s Office for the District of Connecticut, to comment on the SEC’s warning about Coinbase s Coinbase Lend Program

product.

In the tweet, Filan wrote

:

#XRPCommunity #XRP The SEC will stop at nothing to control the entire crypto space. This isn’t just about #Ripple . Coinbase accuses the SEC of using ‘backdoor bullying tactics’ to prevent the company from launching a lending program.

An expert in securities litigation and government investigations, Filan is a member of the American Bar Association

. He’

s also a well-known figure in the Ripplecommunity

sound familiar?

It’s worth noting that in response to a tweet yesterday from Coinbase‘s CEO, Ripple CEO Brad Garlinghouse sent him a joking, yet serious comment, “Welcome to the party!” And why? Well, because we already know how long Ripple has been in litigation.

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with the SEC because the SEC considers their XRP crypto to be a security.

Another tweet from Garlinghouse yesterday was:

“The SEC’s ongoing war on cryptocurrencies continues to unfold. In December 2020, I said we had been having discussions with the SEC for almost 3 years about XRP, “… and yet we had never met with clarity.” Sound familiar!? “

Coinbase and the SEC

All part after Coinbase’ s CEO revealed yesterday that the SEC had threatened to prosecute the company over its lending services. He detailed that the SEC told the exchange that it considered the lending program a security, however, it did not explain why or how that decision was made.

In addition, Armstrong said, there are other similar products in the U.S. that operate without problems.

On this, in addition to the position presented by Garlinghouse, the crypto community finds parallels between the SEC’s action against Ripple Labs and its executives over the sale of XRP and the Coinbase threat. As DiarioBitcoin has recounted, Ripple Labs and its management are already the subject of a lawsuit filed by the regulator against them. At the time, in fact, Coinbase was one of the exchanges that suspended XRP from its platform as a precaution.

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Sources: Twitter, Finbold and archive

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