Coinbase-Backed Tornado Cash Lawsuit Demands Ban Uplift

In a Coinbase-backed lawsuit, Six Complaints challenged the United States government’s decision against Tornado Cash. On April 05, the complainants filed a motion seeking summary judgment noting that the mixer, by design, cannot be sanctioned as property.

The plea filed in the court seeks to reopen Tornado Cash for all US Citizens as complainants think banning Tornado Cash violates citizens’ constitutional rights. Dozens of crypto law experts are closely eyeing the decision, believing it can decide the future of privacy-enhancing technologies.

Paul Grewal, the Chief Legal Officer of Coinbase, tweeted on Wednesday, April 5, noting the arguments and concerns raised by Joseph Van Loon, Tyler Almedia, Alexander Fisher, Preston Van Loon, and Kevin Vitale, of all complainants were “simple but powerful.”

A few months ago, Coinbase backed a legal challenge to sanctions imposed by the US govt against Tornado Cash. Today the plaintiffs filed a motion for summary judgment, asking the court to reopen TC for all. Their arguments are simple but powerful. 1/10 https://t.co/xSngWKxM3x
— paulgrewal.eth (@iampaulgrewal) April 5, 2023

Paul wrote, “An initial point: anytime we give privacy to everyone, there is a risk that anyone could abuse privacy. But the Constitution and laws of our country recognize that we don’t take away privacy from all just because of the unlawful acts of a few.”

The severe action of US authorities against Tornado Cash has raised many unanswered questions. Moreover, several leading firms of the crypto community are following the lawsuit very closely.

The government of the United States has denied the claims and said Tornado Cash is a threat to the US economy, which countries’ enemies mostly use to fund harmful and illegal activities.

Coinbase is working hard for its expansion in developing countries like Canada. According to TheCoinRepublic, on March 30, Coinbase hired the former Shopify executive Lucas Matheson as Country Director in Canada.

The crypto exchange plans to establish its workspace in Canada and has signed an enhanced Pre-Registration Undertaking (PRU) with concerned security authorities and regulators.

Coinbase(NASDAQ: COIN) Stock Overview

On Wednesday, April 05, COIN stock slipped over 2% in the trading session and closed at $60.78 with a trading volume of 10.789 Million.

On the same day, the stock opened at $62.54, highest traded at $63.05 and lowest traded at $59.22.

On Tuesday, April 04, COIN stock lost 1.68% compared to the last trading session. The stock opened at $64.66, highest traded at $65.60 and lowest traded at $60.95 with a trading volume of 11.645 Million.

According to TradingView, COIN stock declined over 7% in weekly trading sessions and monthly trading sessions; COIN stock slipped more than 5%.

According to Coinbase, in the fourth quarter report of 2022, the company generated more revenue than the estimated figures. Coinbase generated $629.11 million in revenue in the same quarter, which is bigger than the estimated $587.81 Million.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.