Ripple came first, then Coinbase: Former federal prosecutor warns SEC will spare no expense to control the entire crypto space

The U.S. Securities and Exchange Commission (SEC) recently threatened to sue the cryptocurrency exchange Coinbase, which is listed on Nasdaq, sparking widespread questioning of its stance and attitude. Former federal prosecutor James K. Filan stated that the SEC is determined to control the entire cryptocurrency space at all costs.

Coinbase stated on Tuesday evening:

The SEC threatened to sue the company over its lending product. The SEC told us they believe Lend involves securities, but did not explain why or how they reached this conclusion.

Former federal prosecutor James K. Filan, who served in the Connecticut Attorney's Office for 9 years, believes that the SEC is determined to control the entire cryptocurrency space at all costs, not just concerning Ripple.

#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 ‘intimidation tactics behind closed doors’ to stop the company from launching a lending program https://t.co/mrb9leMyQG via @WSJ

— James K. Filan 🇺🇸🇮🇪103k+ (beware of imposters) (@FilanLaw) September 8, 2021

The crypto community quickly drew parallels between the SEC's threat to Coinbase and its actions against Ripple Labs. When the SEC sued Ripple Labs, Coinbase promptly delisted XRP. Now, supporters of XRP are urging Coinbase to stand with them, oppose the SEC, and relist XRP.

XRP and Ripple supporters have long argued that the SEC's lawsuit is not limited to XRP but is an attack on the entire crypto industry. It was only last week that reports surfaced of the SEC investigating decentralized exchange Uniswap.

Ripple CEO Brad Garlinghouse recently tweeted:

The SEC's ongoing war on crypto continues. In December 2020, we had nearly 3 years of discussions with the SEC about XRP, but never received clarity.

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!? 1/2 https://t.co/wGHW4hCW2T

— Brad Garlinghouse (@bgarlinghouse) September 8, 2021

Ripple's General Counsel, Stuart Alderoty, said they were told to cooperate sincerely with the SEC... "What do we get? Unclear enforcement actions (or threats)."

Stuart Alderoty criticized the SEC's preference for aggressive intimidation tactics and the use of vague rules, which ultimately harm consumers and the market.

This article is authorized for reprint from Horizon News Network