- John Deaton praised Coinbase (NASDAQ:COIN) for challenging the SEC in court in the Ripple case.
- Coinbase’s defense of Tornado Cash and Whai Amicus (NASDAQ:FOLD) Brief was applauded by both Deaton and Block Engineer Patrick Collins.
- Collins argued courtroom wins will be key if governments are to accommodate Web3.
Attorney and cryptocurrency advocate John Deaton recently praised Coinbase for supporting privacy-preserving protocols like Tornado Cash and Whai Amicus Brief and taking on the Securities and Exchange Commission (SEC) in the Ripple case. Deaton argued that court cases will play a significant role in developing the sector.
“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)” Deaton said on Twitter.
In an amicus brief submitted in favor of Ripple, Coinbase said that the SEC’s actions could negatively impact crypto markets. In the Ripple case, the cryptocurrency exchange is directly pitted against the SEC, which has charged Ripple with selling unregistered securities. Coinbase has also advocated for the Tornado Cash privacy-protecting protocol and the Whai Amicus Brief, which aims to stop the SEC from classifying all tokens as securities.
Patrick Collins, a blockchain engineer, also tweeted about the importance of ongoing legal battles between US regulators and the crypto industry. Collins applauded Coinbase for opposing the Tornado Cash ban. He acknowledged that there is speculation regarding Coinbase’s intentions, but he does not care as long as someone is challenging the ban. Legal victories will be crucial to the further adoption of cryptocurrencies by governments and the success of Web3, he added.
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