Global control of the SEC? Insider unpacks
Global control of the SEC? Insider unpacksGlobal control of the SEC? Insider unpacksLogo der American Securities and Exchange Commission (SEC)Logo der American Securities and Exchange Commission (SEC)

Just yesterday, the SEC threatened to sue Coinbase. The Securities and Exchange Commission (SEC) has also filed many other lawsuits and is taking action against many crypto companies. Now, a former federal prosecutor has revealed that the SEC “will stop at nothing” so that they can control the entire crypto space.

Does the SEC want to control the global crypto space?

On Wednesday, James K. Filan, a former federal prosecutor for the U.S. Attorney’s Office for the District of Connecticut spoke out. This was regarding the warning the regulator had given Coinbase regarding the Lend product. In the tweet, the former federal prosecutor made the following comments:

The SEC will stop at nothing to police the entire crypto space. This isn’t just about Ripple. Coinbase accuses the SEC of using “intimidation tactics behind closed doors to keep the company from launching a loan program.

Filan, who is an expert in securities litigation and regulatory investigations, is also a member of the American Bar Association. Moreover, he is also quite a well-known person in the Ripple community.

Coinbase receives warning

Coinbase had announced yesterday that the SEC had threatened to prosecute them over the Lend program. Although the US Securities and Exchange Commission informed the company that they see the Lending program as a security, no information continued to come in, prompting the SEC to charge Coinbase over it.

The SEC told us that they view Lend as a security, but wouldn’t say why or how they came to that conclusion.

Thus the statement from Coinbase. Moreover, the crypto exchange had informed the Security Exchange Commission about the program ahead of time. Meanwhile, the crypto community points out numerous parallels between the SEC’s action against Ripple Labs and the Coinbase threat.

Coinbase was one of the first exchanges to remove XRP from its platform after the regulator filed suit against Ripple Labs. However, supporters of Ripple are now urging Coinbase to relist XRP and take up the fight against the SEC – along with Ripple.

To this end, Brad Garlinghouse, the Ripple CEO, tweeted Yesterday:

The SEC’s ongoing war on crypto continues to play out. In December 2020, I said that we have been in talks with the SEC about XRP for almost 3 years, ‘..and have never been met with clarity’. Sound familiar!?

Is the US financial regulator overestimating itself?

It has also been revealed that the President of the SEC has been advertising in the European Parliament that there should be global regulation. Apparently the regulator thinks that only they are good enough to regulate things. Indeed, meanwhile, voices are also growing louder that the agency’s actions are not limited to Ripple Labs, but a malicious attack on the entire crypto market.

It’s entirely possible that the US Securities and Exchange Commission is vastly overestimating itself. In any case, we’ll be hearing more from the SEC in the future as they target any number of crypto companies.

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