Legal professional and cryptocurrency advocate John Deaton recently commended Coinbase for their efforts in fighting for privacy-preserving protocol Tornado Cash and Whai Amicus Brief, as well as their direct battle against the Securities and Exchange Commission (SEC) in the Ripple case. Deaton believes that the war in the crypto space is won in court, and legal battles are crucial in shaping the industry’s future. In this article, we will explore Deaton’s tweets and analyze the importance of legal battles in the crypto space.
Coinbase’s legal battles
Coinbase has been at the forefront of legal battles in the crypto space, fighting for the Tornado Cash privacy-preserving protocol and the Whai Amicus Brief, which seeks to prevent the SEC from treating all tokens as securities. The exchange has also been engaged in a direct legal battle against the SEC in the Ripple case, where the regulator has accused Ripple of selling unregistered securities. Coinbase has filed an amicus brief in support of Ripple, arguing that the SEC’s actions could harm the entire crypto industry.
The importance of legal battles
Patrick Collins, a Block Engineer, also tweeted about the importance of the ongoing battle between US Regulators and the crypto industry. Collins argues that legal wins are crucial for the development of a world where all governments can use cryptocurrency. He believes that prohibition-style measures are not the solution, and it is essential to make it easier, not harder, for people to get into Web3.
Collins asserts that the ban on Tornado Cash was unjust since it is a privacy-preserving protocol that violates freedom of speech and is not a sanctionable entity. Unfortunately, most of Web3 is not taking a stand, and many protocols and groups have banned T-Cash-related activities due to their fear of the SEC.
Collins praises Coinbase for showing up to fight the T-Cash ban and says that he is happy to have someone fighting. He acknowledges that some people are speculating about Coinbase’s motives, but he does not care as long as someone is fighting the ban. He also mentions that he has been trying to help by voting and emailing senators, but his efforts have not been successful so far. To draw attention to the issue, Collins has even decided to paint himself blue.
The impact of legal battles on XRP
Deaton’s tweets also mention XRP, the cryptocurrency at the centre of the Ripple case. XRP has been the subject of much debate in the crypto space, with some arguing that it is a security, while others believe it is a currency. The outcome of the legal battle could have a significant impact on XRP’s future. If the SEC wins the case, XRP’s value could plummet, while a Ripple victory could lead to a surge in value
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