You must have heard about the huge Twitter thread that Brian, CEO of Coinbase put out a few days back. There he mentioned that the SEC is doing some very sketchy things. While other exchanges are being allowed to offer lending services, Coinbase is not. This is because the SEC has deemed them as security in some way. At the same time, when asked for the logic and some clarity behind the same they didn’t say anything. The worst part is that they warned Coinbase about a lawsuit if they went ahead with the lending services.
This has created a lot of controversies and the entire crypto community is mad at what is happening. We all can see that the SEC is overstepping and still nothing is being done. If they are not being transparent about the laws how are companies supposed to understand and follow them in the future? This is a total dictatorship and a fight for power over the crypto markets.
What is happening now?
1/ Some really sketchy behavior coming out of the SEC recently.
— Brian Armstrong (@brian_armstrong) September 8, 2021
As Brian put out the entire thing in the form of a Twitter thread, people also started to talk about Ripple. Their fight with the SEC over the security issue is being on for quite a while. And now people are relating both the events and saying that the SEC is just trying to litigate them. We all know that there is a lot of discrepancy regarding what is a security and what is not in the crypto markets. So, the case that is going on against XRP is also very polarising.
All this also aligns with the statement made by the former federal prosecutor James K. Filan. He said that the SEC will do anything to gain control over the crypto markets. People have also rightly pointed out on Twitter that while Coinbase is being targeted for several of their products, a lot of other exchanges operating in the US are going unnoticed.
Till now the exchange Coinbase was playing well with the SEC to be on the right side of the playing field. But now prominent individuals like Mark Cuban and even the crypto enthusiasts are asking them to go offensive. All this means that they should recognize that whatever SEC is doing is not wrong and should do something about it. While this could result in a lot of issues but the entire crypto community stands by them as well as XRP.
How does the fact that the SEC is overstepping make you feel? And do you think Coinbase should do something and go offensive? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.