According to an ex-federal prosecutor, the securities and exchange commission of the United States will leave no stone unturned when it comes to the matters of controlling the crypto scene. The commission plans to regulate everything related to crypto and it became even clearer after it intended to sue a renowned exchange known as coinbase. During recent months, the regulator has been involved in a lawsuit that includes Ripple Labs along with its high-ranking executives.
James K Filan, who also happens to be a federal prosecutor served in the State attorney’s office of the United States for 9 years. He represented the district of Connecticut and is well known for his contributions over here. Recently, James appeared in several high profile interviews where he discussed the future of crypto and the direction it could be headed in the coming months. One of the main things that he discussed was his fears of the Securities and Exchange Commission gaining total control over crypto.
For those who don’t know, James is a renowned attorney who specializes in government investigations and security litigations. In addition, he has been quite prominent in the community of Ripple. During the recent days, Filan made a tweet that made a storm in the crypto world. In his tweet, he stated that the Securities and Exchange Commission will do everything possible to gain control of the global crypto scene.
Initially, people were under the assumption that the SEC’s main gripe was with Ripple. Later on, however, it was found out that the Securities and Exchange Commission would not stop at anything to gain control of the crypto landscape. Some experts of the crypto world have even made massive accusations regarding the SEC, stating that they have been using intimidation tactics. According to some individuals, these tactics are being used to stop organizations from introducing their various lending schemes.
Higher ups from the crypto exchange known as Coinbase also came forward recently, and claimed that the SEC was threatening to sue them. This is because the commission simply does not want lending products to be available in the crypto market According to coinbase, the Securities and Exchange Commission stated that Lending products require security. However, they did not clarify why they got to that conclusion.
While all of this is merely rumor and innuendo at this point, it does speak volumes about the SEC. As a matter of fact, there have been several other exchanges that accused the securities and exchange commission of making threats. Needless to say, there is a lot going on in the crypto space and its entire landscape could change soon.