By Nathan Ferguson
After the SEC (Securities-and-Exchange-Commission) threatened to prosecute Coinbase (a crypto-exchange listed by Nasdaq), an ex-prosecutor “James K. Filan” has targeted the securities department by stating that it will not stop until having full control over the complete space of cryptocurrency. On Wednesday, he, as having previously worked at the U.S. Office of Attorney for Connecticut District, spoke about the warning of the SEC regarding the Lend project of Coinbase. In a tweet, he noted that the department would not stop its proceedings after Ripple. Presently, Coinbase has also alleged it for utilizing the tactics of terrorization from behind the doors to prevent the firm from initiating a lending project.
An expert for government investigations and securities litigation, “Filan” is also a participant of the Bar Association of America. Additionally, he is considered a prominent personality in the community of Ripple. Coinbase, on Wednesday, revealed that the securities department had intimidated the company to sue it for the loan services thereof. Although the company has been informed by the SEC that the lending project was considered by the department as a security, no adequate explanation had been provided by it regarding how and why it determined so.
The exchange remarked about the department’s move as it was not justifiable at all, for it did not clarify the logic behind considering the product as security. The community of cryptocurrency, while responding to the department’s warning, pointed towards a direct linkage between the SEC’s move against Ripple Labs and the executives thereof for selling XRP and the recent threat to Coinbase. Ripple Labs, along with its organizers, is in advance the defendants of a lawsuit filed by the securities regulator.
Coinbase was hurriedly trying to cast off XRP from the platform thereof following the filing of a case that the department initiated confronting Ripple Labs. The advocates of XRP are currently advising Coinbase to be a part of the fight in contradiction to the SEC for relisting XRP. Brad Garlinghouse, the CEO of Ripple, tweeted on Wednesday that the securities department is continuously involved in a confrontation of crypto to outperform it. He added that the company, in 2020’s December, was conducting different dialogues with the department for almost three years regarding XRP. However, he expressed, the commission did not respond with any clear terms about the matter, and it is extremely disappointing.