The SEC’s ambitions won’t stop until it controls the entire crypto industry, according to former prosecutor James K. Filan

James K. Filan, a former federal attorney who served 9 years in the Connecticut prosecutor, commented on the SEC warning regarding the Coinbase exchange’s loan program on Wednesday, September 8th. .

James K. Filan – Ripple’s attorney

Filan is a securities dispute and regulatory investigation attorney. He is also an attorney in litigation between the SEC and Ripple. Filan has tweets:

“The SEC won’t stop until it controls the entire crypto space. This is not just about Ripple. Coinbase accused the SEC of using “non-public intimidation tactics” to prevent the company from launching a loan program.

As Bitcoin magazine Cointelegraph reported on September 8th. Coinbase announced that the SEC threatened to sue the company over its loan product without explaining the reason or giving specific instructions.

The crypto community was quick to point out similarities between the SEC’s threat to Coinbase and its enforcement actions against Ripple Labs and executives over the XRP sale. When the SEC sued Ripple Labs, Coinbase immediately removed XRP. Now, XRP advocates are asking Coinbase to join them in the fight against the SEC and re-listing XRP.

XRP and Ripple proponents have long said that the SEC lawsuit is not limited to XRP, but is an attack on the entire crypto industry. The SEC is also supposed to investigate the decentralized exchange Uniswap.

Ripple CEO Brad Garlinghouse tweeted on Wednesday:

“The SEC war on crypto continues. In December 2020, I said that we’ve been discussing XRP with the SEC for almost 3 years. And it was never clearly answered. “

Stuart Alderoty, General Counsel of Ripple, said:

“We were asked to work in good faith with the SEC … and what did we get? Enforcement measures (or threats) are unclear. Ultimately, the aggressive method of intimidation and inconsistent application of opaque rules have harmed consumers and markets. “

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