I understand that's what they're claiming. If they were serious about their principles, like Lavabit, they would have simply discontinued the "custodial wallet service" that they claim is subject to anti-privacy regulation. Nobody is claiming that the Brave browser software itself is subject to any anti-privacy regulations. They wouldn't have to sacrifice their entire business on the altar of principles like Lavabit did -- they'd only have to sacrifice one feature.
But they don't have nearly the same level of integrity that Lavabit did.
And, of course, if they're exaggerating the "but but muh regulations" aspect, then none of the above applies.