Attorney and cryptocurrency supporter John Deaton recently lauded Coinbase for its support of privacy-preserving protocols such as Tornado Cash and Whai Amicus Brief, as well as its fight against the Securities and Exchange Commission (SEC) in the Ripple case. Deaton stated that court cases will play an important part in the sector's development.
“As some of us have been saying for 2 years, the war’s won in Court. [Hats] off to coinbase for Tornado Cash, Whai Amicus Brief, Ripple XRP Amicus Brief, and its direct battle Vs. SEC (hopefully, other commissioners start seeing the [light] so that Gensler won’t be able to get 2 other votes).”
Coinbase stated in an amicus brief filed in support of Ripple that the SEC's actions could have a negative influence on crypto markets. The cryptocurrency exchange is squarely opposed against the SEC in the Ripple case, which has charged Ripple with marketing unregistered securities. Coinbase has also supported the Tornado Cash privacy system and the Whai Amicus Brief, which seeks to prevent the SEC from designating all tokens as securities.
Patrick Collins, a blockchain technologist, also emphasized the significance of continuing legal disputes between US regulators and the cryptocurrency industry. Collins praised Coinbase for their opposition to the Tornado Cash prohibition. He agreed that suspicion about Coinbase's motives exists, but he is unconcerned as long as someone is contesting the ban. Legal successes, he argued, will be critical to the continued use of cryptocurrencies by governments and the development of Web3.