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I've increased the priority to "release blocker".
Reason:
We should come to an agreement how to handle the issue. In particular we must not pronounce something as secure that isn't secure.
Options:
1) Remove the function.
2) Rename the function to a more sensible name and provide a bytes only implementation. I like the Jon's proposal and suggest timingsafe_compare().
2b) optionally create a C implementation as it's much easier to check C code for timing issues.