The chief executive of Coinbase has said that the major cryptocurrency trading platform in the United States would not accept regulatory restrictions.
In response to a theoretical query, Coinbase CEO Brian Armstrong informs his one million Twitter followers that he would sooner disable Ethereum (ETH) staking than comply with censorship restrictions if they ever materialised.
“This is a scenario that we will ideally never encounter. I believe if we did, we would choose to [shut down Ethereum staking]. Must concentrate on the larger picture. There may be a superior alternative or a legal challenge that might assist achieve a better conclusion.”
Armstrong expressed his unhappiness that the cryptocurrency mixer Tornado Cash was judged a danger to national security and consequently prohibited, but emphasised that Coinbase would always adhere to the law.
“I think it sets a poor precedent to legitimise a technology, and it should be questioned. Hopefully self-evident, we will always obey the law.”
As a result of their right to free expression, developers in the United States should not find themselves in legal trouble for distributing open source code, even if that code is abused, according to Armstrong.
Also, no developer should be punished for distributing open source software, even if it is used by criminals. It is an obvious First Amendment problem in the United States because code is speech.
The suspected creator of Tornado Cash was detained in Amsterdam earlier this month on charges of money laundering.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.