Electronic Frontier Foundation (EFF), a non-profit digital right group has asked that Coinbase transparency report are made public regularly.
“These are difficult decisions with serious consequences, and they should not be made in the dark.
EFF further addressed that crypto firms should understand the importance of privacy as their users “tend to prize both the cash-like anonymity of cryptocurrency, and its inherent resistance to censorship.
The group believes that storing data with a third party should not mean that users lose data.
They also noted that Coinbase transparency report being made public would be a display of leadership in part of the exchange firm as they would expose why government requests for such information.
“As one of the largest individual companies in the U.S. cryptocurrency market, Coinbase wields tremendous power and influence over this dynamic. It should stand up for its users and also use its market power and influence to show others that transparency reports are an industry standard for all cryptocurrency exchanges. Releasing a transparency report would be one way for Coinbase to display leadership and fill in the gaps in our current knowledge, by simply shining a much-needed light on government requests for information.
Coinbase transparency report, the exchange firm and US Secret Service
Months back, there were reports that Coinbase was going to sell its blockchain analytic software to US secret service.
Brian Armstrong, Coinbase CEO then said that the firm’s involvement with the U.S. government is to aid crypto growth and adoption.
The CEO explained that the software was necessary for centralized exchanges whose platforms are connected to traditional banks.
It is also contained in a public record that the agency signed a four-year contract with Coinbase that enables them to use the exchange analysis software.